Authorizing the Postal Savings Bank Investment Board to Make Loans to Provinces of the Philippine Islands, Under Guarantee of the Insular Government
Act No. 1640, enacted on May 3, 1907, authorizes the Postal Savings Bank Investment Board to provide loans to provinces in the Philippine Islands from its investment funds, with the Insular Government guaranteeing repayment. Before a loan is granted, the provincial board must submit a resolution requesting the loan for specific public improvements, agreeing to repayment terms, and seeking the Insular Government’s guarantee. This Act aims to facilitate public improvements efficiently, with provisions allowing the Insular Government to deduct funds from the province's treasury to cover loan repayments. The Act took effect immediately upon passage.
Quick Answers
- What is Authorizing the Postal Savings Bank Investment Board to Make Loans to Provinces of the Philippine Islands, Under Guarantee of the Insular Government about?
- Act No. 1640, enacted on May 3, 1907, authorizes the Postal Savings Bank Investment Board to provide loans to provinces in the Philippine Islands from its investment funds, with the Insular Government guaranteeing repayment. Before a loan is granted, the provincial board must submit a resolution requesting the loan for specific public improvements, agreeing to repayment terms, and seeking the Insular Government’s guarantee. This Act aims to facilitate public improvements efficiently, with provisions allowing the Insular Government to deduct funds from the province's treasury to cover loan repayments. The Act took effect immediately upon passage.
- What type of law is Act No. 1640?
- Authorizing the Postal Savings Bank Investment Board to Make Loans to Provinces of the Philippine Islands, Under Guarantee of the Insular Government (Act No. 1640) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was Authorizing the Postal Savings Bank Investment Board to Make Loans to Provinces of the Philippine Islands, Under Guarantee of the Insular Government enacted?
- Authorizing the Postal Savings Bank Investment Board to Make Loans to Provinces of the Philippine Islands, Under Guarantee of the Insular Government (Act No. 1640) was enacted on May 3, 1907.
- What is the citation for Authorizing the Postal Savings Bank Investment Board to Make Loans to Provinces of the Philippine Islands, Under Guarantee of the Insular Government?
- Authorizing the Postal Savings Bank Investment Board to Make Loans to Provinces of the Philippine Islands, Under Guarantee of the Insular Government, Act No. 1640, May 3, 1907 (Philippines)
Law Information
- Reference Number
- Act No. 1640
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
May 3, 1907
ACT NO. 1640
AN ACT AUTHORIZING THE POSTAL SAVINGS BANK INVESTMENT BOARD TO MAKE LOANS FROM FUNDS AVAILABLE FOR INVESTMENT TO PROVINCES OF THE PHILIPPINE ISLANDS, UNDER GUARANTEE OF THE INSULAR GOVERNMENT
SECTION 1. The Postal Savings Bank Investment Board created by section eighteen of Act Numbered Fourteen hundred and ninety-three, entitled "An Act to encourage economy and saving among people of the Philippine Islands, and to that end to provide for the establishment of postal savings banks and their administration through the organization of a Postal Savings Bank Division in the Bureau of Posts, and for other purposes," is hereby authorized to make loans from the funds under its control available for investment to provinces of the Philippine Islands, under guarantee of the Insular Government first had that the loan and interest thereon will be paid.
SECTION 2. Before making any such loan the Postal Savings Bank Investment Board shall require a resolution of the provincial board of the province to which the loan is to be made, requesting the loan, stating that the same will be used solely for certain public improvements specified therein, agreeing to repay the amount loaned within a certain period with interest at a rate to be stated in said resolution, and requesting the Insular Government to guarantee the repayment in full of said loan and interest. Said resolution shall further provide that the Insular Government may, from time to time, in consideration of its guarantee, deduct from any funds in the Insular Treasury belonging to the province sufficient sums to pay the interest and principal as the same may become due.
SECTION 3. The public good requiring the speedy enactment of this bill, the passage of the same is hereby expedited in accordance with section two of "An Act prescribing the order of procedure by the Commission in the enactment of laws," passed September twenty-sixth, nineteen hundred. cHaCAS
SECTION 4. This Act shall take effect on its passage.
ENACTED, May 3, 1907.
Cite This Law
Authorizing the Postal Savings Bank Investment Board to Make Loans to Provinces of the Philippine Islands, Under Guarantee of the Insular Government, Act No. 1640, May 3, 1907 (Philippines)
Authorizing the Postal Savings Bank Investment Board to Make Loans to Provinces of the Philippine Islands, Under Guarantee of the Insular Government, Act No. 1640 (Phil. 1907)
Related Laws
- An Act to Amend Act Numbered Twenty-Seven Hundred and Eleven, Known as the Administrative Code of the Philippine Islands, Authorizing the Postal Savings Bank, under Certain Conditions, to Grant Loans to Municipalities and ProvincesAct No. 2805 • Feb 28, 1919 • Statutes
- An Act Amending Section Eighteen of Act Numbered Fourteen Hundred and Ninety-Three, Entitled "The Philippine Postal Savings Bank Act," as Amended, by Providing for an Increase from Twenty-Five to Forty Per Cent of the Amount Available for Investment of the Total Deposits in the Postal Savings BankAct No. 2450 • Jan 26, 1915 • Statutes
- Providing for the Establishment of Postal Savings Banks and Organization of a Postal Savings Bank Division in the Bureau of PostsAct No. 1493 • May 24, 1906 • Statutes
- An Act Authorizing the Insular Treasurer and the Postal Savings Bank to Lend Money to the Metropolitan Water District Under Certain ConditionsAct No. 2890 • Feb 24, 1920 • Statutes
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