ChanRobles Virtual law Library
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. 2687 - AN ACT
AUTHORIZING THE PRESIDENT OF THE PHILIPPINES TO NEGOTIATE FOR THE
SUBSCRIPTION OF THE REPUBLIC OF THE PHILIPPINES TO THE INTERNATIONAL
DEVELOPMENT ASSOCIATION, AND PROVIDING FOR THE PROCEDURE TO MEET THE
FINANCIAL REQUIREMENTS THEREFOR |
Section 1. The President of the Philippines is hereby
authorized to negotiate for the subscription of the Republic of the
Philippines to the capital stock of the International Development
Association in the amount of five million and forty thousand United
States dollars.
Sec. 2. (a) To cover the initial payments on the
subscription to the capital stock of the Association as required under
the Articles of Agreement of the International Development Association,
the Secretary of Finance is authorized to secure for and in behalf of
the Republic of the Philippines, advances from the Central Bank of the
Philippines, the necessary funds against which he shall issue five-year
non-interest bearing and non-negotiable promissory notes of the
Republic of the Philippines: Provided, however, That said promissory
notes may be renewed for another period of five years. Sec. 3. Congress shall provide the necessary appropriations from time to time to reimburse the Central Bank of the Philippines for all advances that may have been made by it pursuant to Section two of this Act. Sec. 4. This Act shall take effect upon its
approval. Approved: June 18, 1960 |
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