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| REPUBLIC ACT NO. 1396 - AN
ACT APPROPRIATING THE SUM OF FIFTY MILLION PESOS, OUT OF THE PROCEEDS
OF THE BOND ISSUE AUTHORIZED BY REPUBLIC ACT NUMBERED ONE THOUSAND, TO
FINANCE THE ESTABLISHMENT OF ONE OR MORE PIG IRON SMELTING PLANTS BY
THE NATIONAL SHIPYARDS AND STEEL CORPORATION, AND TO PROVIDE SAID
CORPORATION WITH OPERATING CAPITAL |
| Section 1. Out of
the proceeds of the bond issue authorized under Republic Act Numbered
One thousand, there is hereby appropriated the sum of fifty million
pesos for the National Shipyards and Steel Corporation, forty-five
million pesos of which shall be used to finance the establishment of
one or more pig iron smelting plants, at such place or places as it
deems convenient, and the balance of five million pesos to be used for
the initial operating expenses of the pig iron smelting plants:
Provided, however, That if coal is needed, native coal shall be used in
connection with the operation thereof: Provided, further, That only one
pig iron smelting plant shall first be established and no additional
plant shall be put up until the first one shall have been fully
established and operated: And provided, finally, That the National
Economic Council shall determine and approve the sites where the
smelting plants shall be established. Section 2. This Act shall take effect upon its approval. Approved: September 8, 1955 |
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