Increase in Limit of Bonded Indebtedness of Metropolitan Water District
Republic Act No. 1276, enacted on June 14, 1955, amends the existing law to increase the Metropolitan Water District's limit of bonded indebtedness from thirty million pesos to forty million pesos. This change allows the District to contract debt and issue bonds necessary for its corporate operations, subject to the approval of the Secretary of Finance. The amendment specifically modifies subsection (m) of section two of Act No. 2832, ensuring that the total bonded indebtedness does not exceed the newly established limit. The Act took effect immediately upon its approval.
Law Information
- Reference Number
- Republic Act No. 1276
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 14, 1955
REPUBLIC ACT NO. 1276
AN ACT INCREASING THE LIMIT OF THE BONDED INDEBTEDNESS OF THE METROPOLITAN WATER DISTRICT FROM THIRTY MILLION PESOS TO FORTY MILLION PESOS, AMENDING FOR THE PURPOSE SUBSECTION (m) OF SECTION TWO OF ACT NUMBERED TWENTY-EIGHT HUNDRED THIRTY-TWO, AS AMENDED
SECTION 1. Subsection (m) of section two of Act Numbered Twenty-eight hundred and thirty-two, as amended by Commonwealth Act Numbered Four hundred thirty-eight and Republic Act Numbered Eleven hundred forty-nine, is further amended to read as follows:
"(m) When essential to the proper administration of its corporate affairs or necessary for the proper transaction of its business or to carry out the purposes for which it was organized, to contract indebtedness and issue bonds, subject to the approval of the Secretary of Finance. The bonded indebtedness of the District, of all classes, shall not at any time exceed forty million pesos, and the issue thereof shall be subject to the conditions set forth in section five of this Act, as amended."
SECTION 2. This Act shall take effect upon its approval. cdt
Approved: June 14, 1955
Published in the Official Gazette, Vol. 51, No. 7, p. 3351 in July 1955
Cite This Law
Increase in Limit of Bonded Indebtedness of Metropolitan Water District, Republic Act No. 1276, Jun 14, 1955 (Philippines)
Increase in Limit of Bonded Indebtedness of Metropolitan Water District, Republic Act No. 1276 (Phil. 1955)
Related Laws
- Increased Limit of Bonded Indebtedness of Metropolitan Water DistrictRepublic Act No. 1149 • Jun 17, 1954 • Statutes
- An Act Creating a Public Corporation Denominated the Metropolitan water District, Prescribing its Functions and Activities, and for Other PurposesAct No. 2832 • Mar 6, 1919 • Statutes
- An Act to Amend Subsection (M) of Section Two of Act Numbered Twenty-Eight Hundred and Thirty-Two Entitled, "An Act Creating a Public Corporation Denominated the Metropolitan Water District, Prescribing its Functions and Activities, and for Other Purposes," As AmendedCommonwealth Act No. 438 • May 31, 1939 • Statutes
- Issue of Bonds of the Government for the Purchase of Bonds of the Metropolitan Water DistrictAct No. 3255 • Dec 3, 1925 • Statutes
- Providing for the Issue of Bonds of the Government of the Philippine Islands for the Purchase of Bonds of the Metropolitan Water DistrictAct No. 3204 • Dec 3, 1924 • Statutes
- An Act to Amend Certain Sections of Act Numbered Twenty-Eight Hundred and Thirty-Two, Entitled "An Act Creating a Public Corporation Denominated the Metropolitan Water District, Prescribing its Functions and Activities, and for Other Purposes," as Amended by Acts Numbered Thirty-One Hundred and Nine and Forty Hundred and Seventy-NineCommonwealth Act No. 60 • Oct 20, 1936 • Statutes
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