Payment of Government Subscription to Agricultural Credit and Cooperative Financing Administration
Republic Act No. 990, enacted on June 3, 1954, appropriates thirty million pesos from the National Treasury to partially fund the government's subscription to the revolving capital of the Agricultural Credit and Cooperative Financing Administration. Of this amount, ten million pesos is to be released immediately, while the remainder will be disbursed as funds become available. Additionally, properties from several abolished corporations, including the National Abaca and other Fibers Corporation, are transferred to the Agricultural Credit and Cooperative Financing Administration, with their appraised value contributing to the government's subscription. The Act took effect upon its approval.
Law Information
- Reference Number
- Republic Act No. 990
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 3, 1954
REPUBLIC ACT NO. 990
AN ACT PROVIDING FOR THE PAYMENT OF A PART OF THE SUBSCRIPTION OF THE GOVERNMENT TO THE REVOLVING CAPITAL OF THE AGRICULTURAL CREDIT AND COOPERATIVE FINANCING ADMINISTRATION
SECTION 1. For the payment of part of the subscription of the Government to the revolving capital of the Agricultural Credit and Cooperative Financing Administration, created by Republic Act Numbered Eight hundred twenty-one, there is hereby appropriated, out of any funds in the National Treasury not otherwise appropriated, the sum of thirty million pesos, one third of which, or the sum of ten million pesos, shall immediately be released, and the balance shall be released as funds become available.
SECTION 2. For the same purpose, all lands, warehouses, and their improvements, of the abolished National Abaca and other Fibers Corporation, National Coconut Corporation, National Tobacco Corporation, and National Warehousing Corporation, which are still in the custody of the Board of Liquidators, are transferred to the Agricultural Credit and Cooperative Financing Administration, and their money value, as appraised by a committee to be composed of the Auditor General, the Secretary of Finance and the Secretary of Commerce and Industry, shall be credited as a part of such subscription of the Government. acd
SECTION 3. This Act shall take effect upon its approval.
Approved: June 3, 1954
Published in the Official Gazette, Vol. 50, No. 6, p. 2349 in June 1954
Cite This Law
Payment of Government Subscription to Agricultural Credit and Cooperative Financing Administration, Republic Act No. 990, Jun 3, 1954 (Philippines)
Payment of Government Subscription to Agricultural Credit and Cooperative Financing Administration, Republic Act No. 990 (Phil. 1954)
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