Authority of Finance Secretary to Purchase Capital Stock of Philippine National Railways
Republic Act No. 4698, enacted on June 18, 1966, authorizes the Secretary of Finance to purchase 25,000 shares of the Philippine National Railways' capital stock, valued at five million pesos, with the President's approval. The funds from this purchase are designated for acquiring railroad ties and rails, as well as for the repair and rehabilitation of rolling stock. An appropriation of up to five million pesos is made from the National Treasury for this purpose. The Act took effect upon its approval and was published in the Official Gazette on November 25, 1968.
Law Information
- Reference Number
- Republic Act No. 4698
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 18, 1966
REPUBLIC ACT NO. 4698
AN ACT AUTHORIZING THE SECRETARY OF FINANCE TO PURCHASE ON BEHALF OF THE GOVERNMENT OF THE REPUBLIC OF THE PHILIPPINES TWENTY-FIVE THOUSAND SHARES OF THE CAPITAL STOCK OF THE PHILIPPINE NATIONAL RAILWAYS, AND TO PROVIDE FUNDS FOR PAYING THE VALUE OF SAID SHARES
SECTION 1. The Secretary of Finance, with the approval of the President of the Philippines, is hereby authorized to subscribe for and purchase on behalf of the Government of the Republic of the Philippines twenty-five thousand shares of the capital stock of the Philippine National Railways, with a total par value of five million pesos. cd
SECTION 2. The Philippine National Railways shall expend these funds for the purchase of railroad ties and rails and repair and rehabilitation of rolling stock.
SECTION 3. The sum of five million pesos or so much thereof as may be necessary is hereby appropriated, out of any funds in the National Treasury not otherwise appropriated, to carry into effect the purposes of this Act. acd
SECTION 4. This Act shall take effect upon its approval.
Approved: June 18, 1966
Published in the Official Gazette, Vol. 64, No. 48, p. 12303 on November 25, 1968
Cite This Law
Authority of Finance Secretary to Purchase Capital Stock of Philippine National Railways, Republic Act No. 4698, Jun 18, 1966 (Philippines)
Authority of Finance Secretary to Purchase Capital Stock of Philippine National Railways, Republic Act No. 4698 (Phil. 1966)
Related Laws
- Authority of Finance Secretary to Purchase Shares of Stock of Manila Railroad Co.Republic Act No. 1078 • Jun 15, 1954 • Statutes
- Rehabilitation and Modernization of the Philippine National RailwaysRepublic Act No. 6366 • Aug 16, 1971 • Statutes
- Authority to Purchase Certain Shares of Stock of Manila Railroad Co.Republic Act No. 1077 • Jun 15, 1954 • Statutes
- Authority of Finance Secretary to Advance Certain Sums to National Waterworks and Sewerage AuthorityRepublic Act No. 4858 • Aug 2, 1966 • Statutes
- An Act Creating the Philippine National Railways, Prescribing Its Powers, Functions and Duties, and Providing for the Necessary Funds for Its OperationRepublic Act No. 4156 • Jun 20, 1964 • Statutes
- Authority of Finance Secretary to Withdraw from Treasury Certificate FundRepublic Act No. 86 • Oct 29, 1946 • Statutes
Browse More Statutes
Explore other laws in the Statutes category.
View All StatutesNeed Help Understanding This Law?
Ask our AI assistant to explain provisions, implications, or related laws.
Ask AI About This Law