Authority to Grant Loans
Act No. 4169, enacted on December 3, 1934, authorizes the Postal Savings Bank, the Loan Board, and other government entities to grant new loans or extend repayment periods for existing loans to provinces, municipalities, and rural credit associations for up to twenty years. This extension is contingent upon the borrowers demonstrating a decrease in income. Provincial governments are empowered to manage loans for their municipalities, but they must reduce the loan duration periodically after two years based on the borrowers' repayment capacity. Additionally, the act clarifies that obligations from bond sales guaranteed by the Insular Government are not impacted by this legislation.
Quick Answers
- What is Authority to Grant Loans about?
- Act No. 4169, enacted on December 3, 1934, authorizes the Postal Savings Bank, the Loan Board, and other government entities to grant new loans or extend repayment periods for existing loans to provinces, municipalities, and rural credit associations for up to twenty years. This extension is contingent upon the borrowers demonstrating a decrease in income. Provincial governments are empowered to manage loans for their municipalities, but they must reduce the loan duration periodically after two years based on the borrowers' repayment capacity. Additionally, the act clarifies that obligations from bond sales guaranteed by the Insular Government are not impacted by this legislation.
- What type of law is Act No. 4169?
- Authority to Grant Loans (Act No. 4169) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was Authority to Grant Loans enacted?
- Authority to Grant Loans (Act No. 4169) was enacted on Dec 3, 1934.
- What is the citation for Authority to Grant Loans?
- Authority to Grant Loans, Act No. 4169, Dec 3, 1934 (Philippines)
Law Information
- Reference Number
- Act No. 4169
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
December 3, 1934
ACT NO. 4169
AN ACT AUTHORIZING THE POSTAL SAVINGS BANK, THE LOAN BOARD AND OTHER GOVERNMENT BODIES AND OFFICES AUTHORIZED BY LAW TO GRANT LOANS, TO GRANT NEW LOANS, OR EXTEND THE TIME FOR THE PAYMENT OF LOANS HERETOFORE GRANTED TO PROVINCES, MUNICIPALITIES, AND RURAL CREDIT ASSOCIATIONS TO A PERIOD NOT TO EXCEED TWENTY YEARS, AND FOR OTHER PURPOSES
SECTION 1. The Postal Savings Bank, the Loan Board created by Act Numbered Thirty-three hundred and thirty-five, and other bodies and offices of the Insular Government authorized by law to grant loans are hereby authorized to grant new loans to provinces and municipalities or extend to a period not to exceed twenty years the time for the payment of loans heretofore granted to provinces, municipalities and rural credit associations, provided the provinces, municipalities and rural credit associations which contracted the loans show to the satisfaction of the board or office concerned that such extension is warranted in view of the decrease of their income. The provincial governments shall enjoy the authority granted by this Act as regards loans granted to their respective municipalities: Provided, however, That two years after the date on which the loan was extended under the provisions of this Act, it shall be the duty of the board or office which granted said loan to reduce periodically the number of years remaining of the duration of the loan, as may be compatible with the paying capacity of the province, municipality or rural credit association, in order that the total period may as soon as possible be again within the period authorized by the laws at present in force: Provided, further, That obligations contracted by provinces and municipalities through the sale of bonds guaranteed by the Insular Government shall not be understood to be affected by the provisions of this Act. ESCTIA
SECTION 2. This Act shall take effect on its approval.
Approved, December 3, 1934.
Cite This Law
Authority to Grant Loans, Act No. 4169, Dec 3, 1934 (Philippines)
Authority to Grant Loans, Act No. 4169 (Phil. 1934)
Related Laws
- Authority of Rehabilitation Finance Corp. and PNB to Grant Loans to HomesteadersRepublic Act No. 1085 • Jun 15, 1954 • Statutes
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- Amendments to R.A. No. 357 Re: Authority of NAPOCOR to Contract LoansRepublic Act No. 813 • Jul 10, 1952 • Statutes
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