Authorizing and Directing the Secretary of Finance and Justice and the Insular Treasurer to Provide Funds for the Stimulation and Aid of Agriculture
Act No. 2607, enacted on February 4, 1916, authorizes the Secretary of Finance and Justice and the Insular Treasurer, with the Governor-General's approval, to allocate up to 2.5 million pesos annually for agricultural support in the Philippines. This funding is designated for loans to aid in the planting, cultivation, harvesting, milling, and marketing of staple crops, with an initial repayment term of one year, extendable by six months if necessary. The Act also empowers the Agricultural Bank of the Philippine Islands to facilitate these loans and manage related operations. The provisions of this Act override any conflicting existing laws and it takes effect immediately upon passage.
Quick Answers
- What is Authorizing and Directing the Secretary of Finance and Justice and the Insular Treasurer to Provide Funds for the Stimulation and Aid of Agriculture about?
- Act No. 2607, enacted on February 4, 1916, authorizes the Secretary of Finance and Justice and the Insular Treasurer, with the Governor-General's approval, to allocate up to 2.5 million pesos annually for agricultural support in the Philippines. This funding is designated for loans to aid in the planting, cultivation, harvesting, milling, and marketing of staple crops, with an initial repayment term of one year, extendable by six months if necessary. The Act also empowers the Agricultural Bank of the Philippine Islands to facilitate these loans and manage related operations. The provisions of this Act override any conflicting existing laws and it takes effect immediately upon passage.
- What type of law is Act No. 2607?
- Authorizing and Directing the Secretary of Finance and Justice and the Insular Treasurer to Provide Funds for the Stimulation and Aid of Agriculture (Act No. 2607) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was Authorizing and Directing the Secretary of Finance and Justice and the Insular Treasurer to Provide Funds for the Stimulation and Aid of Agriculture enacted?
- Authorizing and Directing the Secretary of Finance and Justice and the Insular Treasurer to Provide Funds for the Stimulation and Aid of Agriculture (Act No. 2607) was enacted on Feb 4, 1916.
- What is the citation for Authorizing and Directing the Secretary of Finance and Justice and the Insular Treasurer to Provide Funds for the Stimulation and Aid of Agriculture?
- Authorizing and Directing the Secretary of Finance and Justice and the Insular Treasurer to Provide Funds for the Stimulation and Aid of Agriculture, Act No. 2607, Feb 4, 1916 (Philippines)
Law Information
- Reference Number
- Act No. 2607
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
February 4, 1916
ACT NO. 2607
AN ACT AUTHORIZING AND DIRECTING THE SECRETARY OF FINANCE AND JUSTICE AND THE INSULAR TREASURER, WITH THE APPROVAL OF THE GOVERNOR-GENERAL, TO PROVIDE FUNDS FOR THE STIMULATION AND AID OF AGRICULTURE
SECTION 1. The Secretary of Finance and Justice and the Insular Treasurer, with the approval of the Governor-General, are hereby authorized and directed to make available not to exceed two million five hundred thousand pesos in any one year by deposits, special or otherwise, of government funds, with commercial banks of the Philippine Islands, or any government bank or institution for the purpose of granting loans for a period not exceeding one year in any case to aid in financing the planting, cultivation, harvesting, milling and marketing of staple crops of the Philippine Islands under such terms as may be in the judgment of the Secretary of Finance Justice and the Insular Treasurer satisfactory: Provided, however, That if in the judgment of the Secretary of Finance and Justice and the Insular Treasurer such course be necessary, they are hereby authorized, with the approval of the Governor-General, to extend the term for the payment of the loans granted as herein contemplated for a period not to exceed six months.
SECTION 2. For the purpose of carrying into effect section one of this Act, the Secretary of Finance and Justice and the Insular Treasurer, with the approval of the Governor-General, are hereby authorized and directed to require and accept such securities as may be deemed advisable by them and to deposit a sum not to exceed the sum authorized herein in commercial banks or government banks or institutions at such rates of interest as may be in their opinion advantageous.
SECTION 3. All provisions of existing laws to the contrary notwithstanding, the Agricultural Bank of the Philippine Islands is hereby authorized to perform the operations and grant the loans necessary to carry into effect the purposes of this Act and to make the loans herein referred to, in the discretion of the Secretary of Finance and Justice and the Insular Treasurer, with the approval of the Governor-General. For the purpose of permitting the Agricultural Bank to make such loans as may be necessary the Insular Treasurer of the Philippine Islands, with the approval of the Governor-General, shall deposit the additional funds necessary from any funds of the government available.
SECTION 4. This Act shall take effect upon its passage.
Enacted, February 4, 1916.
Cite This Law
Authorizing and Directing the Secretary of Finance and Justice and the Insular Treasurer to Provide Funds for the Stimulation and Aid of Agriculture, Act No. 2607, Feb 4, 1916 (Philippines)
Authorizing and Directing the Secretary of Finance and Justice and the Insular Treasurer to Provide Funds for the Stimulation and Aid of Agriculture, Act No. 2607 (Phil. 1916)
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