Appropriation of Proceeds from Surplus Property Sales for Payment of Subscriptions to Rehabilitation Finance Corp.
Republic Act No. 87, enacted on October 29, 1946, appropriates the net proceeds from the sale of surplus property acquired from the U.S. government to fund the Philippine government's subscription to the capital stock of the Rehabilitation Finance Corporation. The President is tasked with transferring properties obtained with these proceeds to the Corporation, with their fair value credited as payment for subscriptions. This Act aims to facilitate the financial rehabilitation and development of the country post-World War II. It took effect upon its approval and was not published in the Official Gazette.
Law Information
- Reference Number
- Republic Act No. 87
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
October 29, 1946
REPUBLIC ACT NO. 87
AN ACT APPROPRIATING THE NET PROCEEDS FROM THE SALES OF SURPLUS PROPERTY AND PROPERTIES ACQUIRED FROM SUCH PROCEEDS OR EXCHANGES WITH SURPLUS PROPERTY TO PAY FOR SUBSCRIPTIONS TO THE CAPITAL STOCK OF THE REHABILITATION FINANCE CORPORATION
SECTION 1. The net proceeds from time to time derived from sales of surplus property acquired from the United States Government under the terms of Title II of United States Public Law Numbered Three hundred and seventy, approved on April third, nineteen hundred and forty-six, are hereby appropriated to pay for subscriptions of the Government of the Republic of the Philippines to the capital stock of the Rehabilitation Finance Corporation. The President is hereby directed to transfer to the Rehabilitation Finance Corporation all properties acquired by the Government of the Republic of the Philippines with funds derived from sales of or exchanges with the surplus property referred to above. The fair value of such properties shall be determined by the President and the same shall be credited to the Government as payment for subscriptions to the capital stock of the corporation. aisa dc
SECTION 2. This Act shall take effect upon its approval.
Approved: October 29, 1946
Not published in the Official Gazette
Cite This Law
Appropriation of Proceeds from Surplus Property Sales for Payment of Subscriptions to Rehabilitation Finance Corp., Republic Act No. 87, Oct 29, 1946 (Philippines)
Appropriation of Proceeds from Surplus Property Sales for Payment of Subscriptions to Rehabilitation Finance Corp., Republic Act No. 87 (Phil. 1946)
Related Laws
- Amendment to R.A. No. 87 Re: Surplus PropertiesRepublic Act No. 817 • Jun 15, 1952 • Statutes
- Amendments to R.A. No. 369 Re: Sale of Surplus War PropertyRepublic Act No. 3149 • Jun 17, 1961 • Statutes
- Charter of the Rehabilitation Finance Corp.Republic Act No. 85 • Oct 29, 1946 • Statutes
- Approval of RP-US Agreement on Sale of Surplus War PropertyRepublic Act No. 33 • Sep 27, 1946 • Statutes
- Conversion of the Rehabilitation Finance Corp. into Development Bank of the PhilippinesRepublic Act No. 2081 • Jun 14, 1958 • Statutes
- Authority of Finance Secretary to Withdraw from Treasury Certificate FundRepublic Act No. 86 • Oct 29, 1946 • Statutes
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