Commonwealth Act No. 730, enacted on July 2, 1946, authorizes the President of the Philippines to liquidate the Financial Interests Protection Bond Fund. The proceeds from this liquidation will be used to address any deficiencies in the sinking funds for bonds issued by the Philippine Government, its provinces, cities, and municipalities before May 1, 1934. The Act is effective upon its approval.
July 2, 1946
COMMONWEALTH ACT NO. 730
AN ACT AUTHORIZING THE PRESIDENT OF THE PHILIPPINES TO LIQUIDATE THE FINANCIAL INTERESTS PROTECTION BOND FUND AND APPLYING THE PROCEEDS THEREOF TO ANY DEFICIENCY IN THE SINKING FUND FOR ALL OUTSTANDING BONDS ISSUED BY THE PHILIPPINE GOVERNMENT, ITS PROVINCES, CITIES, AND MUNICIPALITIES PRIOR TO MAY FIRST, NINETEEN HUNDRED AND THIRTY-FOUR
SECTION 1. The President of the Philippines is hereby authorized to liquidate the Financial Interests Protection Bond Fund created under the provisions of Act Numbered Twenty-nine hundred ninety-nine. The President of the Philippines is further authorized to apply the proceeds of said liquidation to the settlement of any deficiency in the sinking funds established for all outstanding bonds issued by the Philippine Government, its provinces, cities, and municipalities prior to May first, nineteen hundred and thirty-four. cACDaH
SECTION 2. This Act shall take effect upon its approval.
Approved: July 2, 1946