Authority to Governor-General to Purchase Shares of the Manila Railroad Company
Act No. 3410, approved on December 7, 1927, authorizes the Governor-General of the Philippine Islands to purchase 50,000 shares of the Manila Railroad Company, amounting to ten million pesos. The funds from this purchase are designated exclusively for extending the railroad from San Fernando, La Union, towards Laoag. Payment for the shares will occur in installments of at least two million pesos per year, with the first installment due at the time of subscription. The act stipulates that disbursement of funds is contingent upon available treasury funds and the Manila Railroad Company's commitment to the project.
Quick Answers
- What is Authority to Governor-General to Purchase Shares of the Manila Railroad Company about?
- Act No. 3410, approved on December 7, 1927, authorizes the Governor-General of the Philippine Islands to purchase 50,000 shares of the Manila Railroad Company, amounting to ten million pesos. The funds from this purchase are designated exclusively for extending the railroad from San Fernando, La Union, towards Laoag. Payment for the shares will occur in installments of at least two million pesos per year, with the first installment due at the time of subscription. The act stipulates that disbursement of funds is contingent upon available treasury funds and the Manila Railroad Company's commitment to the project.
- What type of law is Act No. 3410?
- Authority to Governor-General to Purchase Shares of the Manila Railroad Company (Act No. 3410) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was Authority to Governor-General to Purchase Shares of the Manila Railroad Company enacted?
- Authority to Governor-General to Purchase Shares of the Manila Railroad Company (Act No. 3410) was enacted on Dec 7, 1927.
- What is the citation for Authority to Governor-General to Purchase Shares of the Manila Railroad Company?
- Authority to Governor-General to Purchase Shares of the Manila Railroad Company, Act No. 3410, Dec 7, 1927 (Philippines)
Law Information
- Reference Number
- Act No. 3410
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
December 7, 1927
ACT NO. 3410
AN ACT AUTHORIZING THE GOVERNOR-GENERAL, ON BEHALF OF THE GOVERNMENT OF THE PHILIPPINE ISLANDS, TO PURCHASE FIFTY THOUSAND SHARES OF STOCK OF THE MANILA RAILROAD COMPANY OF THE PHILIPPINE ISLANDS, AND APPROPRIATING FUNDS FOR PAYMENT FOR SUCH SHARES, THE PROCEEDS OF WHICH SHALL BE SET ASIDE FOR THE EXTENSION OF THE RAILROAD FROM SAN FERNANDO, LA UNION, TOWARDS LAOAG
SECTION 1. The Governor-General, on behalf of the Government of the Philippine Islands, is hereby authorized to subscribe to and purchase, whenever the financial condition of the Government shall permit it, fifty thousand shares of the capital stock of the Manila Railroad Company of the Philippine Islands, of the par value of ten million pesos.
SECTION 2. The Manila Railroad Company of the Philippine Islands shall use these funds solely and exclusively for the extension of the railroad line from San Fernando, La Union, towards Laoag, or part thereof.
SECTION 3. Said sum of ten million pesos shall be paid in installments of not less than two million pesos per annum until fully paid, and the first installment shall be paid on the date of the contract of subscription.
SECTION 4. The sum of ten million pesos is hereby appropriated, out of any funds in the Insular Treasury not otherwise appropriated, for disbursement in the manner prescribed in section three of this Act: Provided, That this sum shall not be disbursed nor set up in the books of the Insular Auditor until the same or part thereof shall have been released by the Governor-General, who shall not release it until the Auditor shall certify that there are funds on hand and available in the Insular Treasury, and the Board of Directors of the Manila Railroad Company shall determine to undertake the work.
SECTION 5. This Act shall take effect on its approval.
Approved, December 7, 1927. aScITE
Cite This Law
Authority to Governor-General to Purchase Shares of the Manila Railroad Company, Act No. 3410, Dec 7, 1927 (Philippines)
Authority to Governor-General to Purchase Shares of the Manila Railroad Company, Act No. 3410 (Phil. 1927)
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- Authority of Finance Secretary to Purchase Shares of Stock of Manila Railroad Co.Republic Act No. 1078 • Jun 15, 1954 • Statutes
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- An Act Authorizing the Governor-General to Purchase, on Behalf of the Government of the Philippine Islands, Ten Thousand Shares of the Capital Stock of the Manila Railroad Company of the Philippine Islands, and Appropriating Funds for Paying Fox Said SharesAct No. 2960 • Feb 20, 1921 • Statutes
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