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PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Republic Acts :
REPUBLIC ACTS
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REPUBLIC ACT NO. 267 - AN
ACT AUTHORIZING CITIES AND MUNICIPALITIES TO CONTRACT LOANS FOR THE
PURPOSE OF PURCHASING OR EXPROPRIATING HOMESITES AND SUBDIVIDING THEM
FOR RESALE AT COST |
Section 1. Cities and municipalities are authorized to
contract loans from the Reconstruction Finance Corporation, the
Philippine National Bank, and/or any other entity or person at a rate
of interest not exceeding eight per cent per annum for the purpose of
purchasing or expropriating homesites within their respective
territorial jurisdiction and reselling them at cost to residents of the
said cities and municipalities.
Sec. 2. The homesites so acquired shall be
subdivided into lots not exceeding five hundred square meters each and
sold on a ten-year installment plan, at the same rate of interest paid
by the city or municipality for the loan used in acquiring the said
homesites, preference being given to Filipino bona fide occupants and
to Filipino veterans, their widows, and their children. Sec. 3. The Secretary of Finance shall, with the approval of the President of the Philippines, make such rules and regulations as may be necessary to carry out the purposes of this Act. Sec. 4. This Act shall take effect upon its
approval. Approved: June 15, 1948 |
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