Increase in Paid-Up Capital of National Government in DBP
Republic Act No. 3136, enacted on June 17, 1961, increases the paid-up capital of the Development Bank of the Philippines by converting the government's outstanding loans to the bank into equity. Specifically, it consolidates debts totaling P34,289,838 owed to the Agricultural and Industrial Bank and the Rehabilitation Finance Corporation into capital. Additionally, the Act authorizes the national government to assume the bank's indebtedness represented by bonds and allows the issuance of new government bonds to replace them. This legislation aims to strengthen the financial foundation of the Development Bank to support its operations. The Act takes effect upon approval and was published in the Official Gazette on January 15, 1962.
Quick Answers
- What is Increase in Paid-Up Capital of National Government in DBP about?
- Republic Act No. 3136, enacted on June 17, 1961, increases the paid-up capital of the Development Bank of the Philippines by converting the government's outstanding loans to the bank into equity. Specifically, it consolidates debts totaling P34,289,838 owed to the Agricultural and Industrial Bank and the Rehabilitation Finance Corporation into capital. Additionally, the Act authorizes the national government to assume the bank's indebtedness represented by bonds and allows the issuance of new government bonds to replace them. This legislation aims to strengthen the financial foundation of the Development Bank to support its operations. The Act takes effect upon approval and was published in the Official Gazette on January 15, 1962.
- What type of law is Republic Act No. 3136?
- Increase in Paid-Up Capital of National Government in DBP (Republic Act No. 3136) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was Increase in Paid-Up Capital of National Government in DBP enacted?
- Increase in Paid-Up Capital of National Government in DBP (Republic Act No. 3136) was enacted on Jun 17, 1961.
- What is the citation for Increase in Paid-Up Capital of National Government in DBP?
- Increase in Paid-Up Capital of National Government in DBP, Republic Act No. 3136, Jun 17, 1961 (Philippines)
Law Information
- Reference Number
- Republic Act No. 3136
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 17, 1961
REPUBLIC ACT NO. 3136
AN ACT INCREASING THE PAID-UP CAPITAL OF THE NATIONAL GOVERNMENT IN THE DEVELOPMENT BANK OF THE PHILIPPINES
SECTION 1. The obligations of the Development Bank of the Philippines with the National Government consisting of a loan, with an outstanding balance of one million three hundred fifty thousand pesos, (P1,350,000) granted to the Agricultural and Industrial Bank pursuant to Executive Order Numbered Ninety-two promulgated on February twelve, nineteen hundred and forty-six, and another loan, with an outstanding balance of thirty-two million nine hundred thirty-nine thousand eight hundred thirty-eight pesos (P32,939,838) granted to the Rehabilitation Finance Corporation pursuant to Republic Act Numbered Two hundred sixty-six, in relation to Section One hundred thirty-seven of Republic Act Numbered Two hundred sixty-five, or in the total amount of thirty-four million two hundred eighty-nine thousand eight hundred thirty-eight pesos (P34,289,838) are hereby converted into paid-up capital of the Development Bank of the Philippines.
SECTION 2. All indebtedness of the Development Bank of the Philippines represented by bonds issued by said Bank or by the Rehabilitation Finance Corporation held by government agencies or instrumentalities, including corporations owned or controlled by the Government, are hereby assumed by the national government and the President of the Philippines, upon recommendation of the Secretary of Finance, is hereby authorized to issue bonds under the same terms and conditions, in the name and on behalf of the Republic of the Philippines to replace them: Provided, however, That the face value of such replaced bonds shall be credited to the subscription of the government to the capital stock of said Bank: Provided, further, That bonds held by private persons may also be replaced by government bonds if the holders thereof are willing to accept such replacement, in which case the face value of bonds so replaced shall likewise be credited to the subscription of the government to the capital stock of said Bank.
SECTION 3. This Act shall take effect upon its approval.
Approved: June 17, 1961
Published in the Official Gazette, Vol. 58, No. 3, p. 424 on January 15, 1962
Cite This Law
Increase in Paid-Up Capital of National Government in DBP, Republic Act No. 3136, Jun 17, 1961 (Philippines)
Increase in Paid-Up Capital of National Government in DBP, Republic Act No. 3136 (Phil. 1961)
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