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| REPUBLIC ACT NO. 1077 - AN
ACT AUTHORIZING THE PURCHASE OF CERTAIN SHARES OF CAPITAL STOCK OF THE
MANILA RAILROAD COMPANY OF THE PHILIPPINE ISLANDS, FOR WHICH THE
GOVERNMENT HAS NOT YET SUBSCRIBED UNDER ACT NUMBERED THREE THOUSAND ONE
HUNDRED SIXTEEN, AS AMENDED BY ACT NUMBERED THREE THOUSAND FOUR HUNDRED
EIGHTY FOUR AND COMMONWEALTH ACT NUMBERED THREE HUNDRED FOURTEEN |
| Section 1. The
Secretary of Finance, with the approval of the President of the
Philippines, is hereby authorized to purchase sixteen thousand five
hundred forty shares of capital stock of the Manila Railroad Company of
the Philippine Islands of the par value of three million three hundred
eight thousand pesos, this number of shares not having been subscribed
for out of seventy thousand shares which the Government was authorized
to subscribe for under Act Numbered Three thousand one hundred sixteen,
as amended by Act Numbered Three thousand four hundred eighty four and
Commonwealth Act Numbered Three hundred fourteen. Section 2. The sum of three million three hundred eight thousand pesos is hereby appropriated out of any funds in the National Treasury not otherwise appropriated. Section 3. The Manila Railroad Company of the Philippine Islands shall expend these funds for the acquisition and/or improvement of its rolling stock and other physical property, as the said funds are in effect a reimbursement of what said Railroad Company had expended out of its own income for the construction of the line connecting Aloneros, Quezon, on the main line south with Pamplona, Camarines, Sur, Legaspi line. Section 4. This Act shall take effect upon its approval. Approved: June 15, 1954 |
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