Authority of Municipalities to Contract Loans from Certain Banks for Construction of Markets and Slaughterhouses
Republic Act No. 28, enacted on September 25, 1946, authorizes municipalities in the Philippines to secure loans from the Agricultural and Industrial Bank for constructing public markets and slaughterhouses. These loans, subject to presidential approval, can be taken as needed and bear an interest rate of up to six percent. Municipalities are required to allocate fifty percent of the net income generated from these facilities towards repaying the loans until fully settled. The district engineer will oversee construction, while the municipal treasurer will manage operations and report income to the bank. This Act became effective immediately upon approval.
Law Information
- Reference Number
- Republic Act No. 28
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
September 25, 1946
REPUBLIC ACT NO. 28
AN ACT AUTHORIZING MUNICIPALITIES TO CONTRACT LOANS FROM THE AGRICULTURAL AND INDUSTRIAL BANK FOR THE CONSTRUCTION OF PUBLIC MARKETS AND SLAUGHTERHOUSES
SECTION 1. Municipalities are hereby authorized to contract loans from the Agricultural and Industrial Bank, said loans to be taken from time to time in such amounts as may be needed for the construction of public markets and slaughterhouses and for the acquisition of the necessary sites, subject to the approval of the President of the Philippines.
SECTION 2. That said loan shall bear an interest at the rate of not more than six per centum. Fifty per centum of the annual net income of the operation of the market and slaughterhouse constructed under this Act shall be used to pay the loan herein authorized, until such time as such loan together with the interest shall have been totally paid. At the end of each fiscal year the said sum shall be turned over by the municipal treasurer concerned to the Agricultural and Industrial Bank.
SECTION 3. The construction of such markets and slaughterhouses shall be under the supervision of the district engineer.
SECTION 4. The municipal treasurer shall be charged with the administration, operation and maintenance of any project constructed under this Act, and shall monthly or as may be required by the Agricultural and Industrial Bank, submit to it a report showing the income from the operation of the project.
SECTION 5. This Act shall take effect upon its approval.
Approved: September 25, 1946
Not published in the Official Gazette
Cite This Law
Authority of Municipalities to Contract Loans from Certain Banks for Construction of Markets and Slaughterhouses, Republic Act No. 28, Sep 25, 1946 (Philippines)
Authority of Municipalities to Contract Loans from Certain Banks for Construction of Markets and Slaughterhouses, Republic Act No. 28 (Phil. 1946)
Related Laws
- An Act to Create a Revolving Loan Fund of Ten Million Pesos for the Construction of Permanent Public Markets and Slaughterhouses and Waterworks in the PhilippinesCommonwealth Act No. 403 • Sep 13, 1938 • Statutes
- Authority of NAPOCOR to Contract Loans from International Bank for Reconstruction and DevelopmentRepublic Act No. 357 • Jun 4, 1949 • Statutes
- Authorizing Cities and Municipalities to Contract Loans for HomesitesRepublic Act No. 267 • Jun 15, 1948 • Statutes
- Authority of President to Contract Loans from Export and Import Bank of Tokyo, JapanRepublic Act No. 2612 • Jul 20, 1959 • Statutes
- An Act Appropriating One Hundred Thousand Pesos from the Congressional Relief Fund to be Loaned under Certain Conditions to the Provinces and Municipalities of the Philippine Islands for Public WorksAct No. 1666 • Jul 2, 1907 • Statutes
- An Act Authorizing the Loaning of Funds Deposited by Municipalities with the Provincial Treasurer to other Municipalities for the Construction of School Buildings, Under Certain ConditionsAct No. 2359 • Feb 28, 1914 • Statutes
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