Authorizing the Governor-General to Purchase 60,635 Shares of the Capital Stock of the Manila Railroad Company
Act No. 2895, approved on February 25, 1920, authorizes the Governor-General of the Philippine Islands to purchase 60,635 shares of the Manila Railroad Company's capital stock for a total value of 12,127,000 pesos. The payment for these shares is structured with 1 million pesos to be paid in cash, while the remaining 11,127,000 pesos will be settled by applying the existing debts of the Manila Railroad Company to the government's general funds. The act facilitates government investment in infrastructure by acquiring a significant stake in the railway company. This measure underscores the government's role in supporting and developing transportation services within the islands.
Law Information
- Reference Number
- Act No. 2895
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
February 25, 1920
ACT NO. 2895
AN ACT TO AUTHORIZE THE GOVERNOR-GENERAL TO PURCHASE, ON BEHALF OF THE GOVERNMENT OF THE PHILIPPINE ISLANDS, SIXTY THOUSAND SIX HUNDRED AND THIRTY-FIVE SHARES OF THE CAPITAL STOCK OF THE MANILA RAILROAD COMPANY OF THE PHILIPPINE ISLANDS, AND TO PROVIDE FUNDS FOR THE PAYMENT OF THE PURCHASE PRICE OF SUCH SHARES
SECTION 1. The Governor-General is hereby authorized and directed to subscribe for and buy, on behalf of the Government of the Philippine Islands, sixty thousand six hundred and thirty-five shares of the capital stock of the Manila Railroad Company of the Philippine Islands, of the par value of twelve million one hundred and twenty-seven thousand pesos, to be paid for at the time of the execution of the subscription contract, as follows:
(a) The sum of one million pesos shall be paid in cash.
(b) The sum of eleven million one hundred and twenty-seven thousand pesos shall be paid by the application of the present indebtedness of the Manila Railroad Company of the Philippine Islands as successor of The Manila Railroad Company, to the general funds of the Government of the Philippine Island for loans to the corporation last named.
SECTION 2. This Act shall take effect on its approval.
Approved, February 25, 1920.
Cite This Law
Authorizing the Governor-General to Purchase 60,635 Shares of the Capital Stock of the Manila Railroad Company, Act No. 2895, Feb 25, 1920 (Philippines)
Authorizing the Governor-General to Purchase 60,635 Shares of the Capital Stock of the Manila Railroad Company, Act No. 2895 (Phil. 1920)
Related Laws
- Authority to Governor-General to Purchase Shares of the Manila Railroad CompanyAct No. 3410 • Dec 7, 1927 • Statutes
- 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
- An Act to Authorize the Governor-General to Purchase, on Behalf of the Government of the Philippine Islands, Seventy Thousand Shares of the Capital Stock of the Manila Railroad Company of the Philippine Islands, and to Provide Funds for Paying the Price of Said SharesAct No. 3116 • Mar 24, 1923 • Statutes
- Authority to Purchase Certain Shares of Stock of Manila Railroad Co.Republic Act No. 1077 • Jun 15, 1954 • Statutes
- Authority of Finance Secretary to Purchase Shares of Stock of Manila Railroad Co.Republic Act No. 1078 • Jun 15, 1954 • Statutes
- An Act to Amend Section Two of Act Numbered Thirty-One Hundred and Sixteen, as Amended, Entitled "An Act to Authorize the Governor-General to Purchase on Behalf of the Government of the Philippine Islands, Seventy Thousand Shares of the Capital Stock of the Manila Railroad Company of the Philippine Islands, and to Provide Funds for Paying the Priceo Said Shares"Commonwealth Act No. 314 • Jun 9, 1938 • Statutes
Browse More Statutes
Explore other laws in the Statutes category.
View All StatutesNeed Help Understanding This Law?
Ask our AI assistant to explain provisions, implications, or related laws.
Ask AI About This Law