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REPUBLIC ACT NO. 4693 - AN ACT
CREATING A REVOLVING SPECIAL TRUST FUND UNDER THE AGRICULTURAL CREDIT
ADMINISTRATION FOR AGRICULTURAL DEVELOPMENT
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| SECTION
1. Pursuant to the provisions of Republic Act
Numbered One thousand seven hundred eighty-nine, as amended, otherwise
known as the Reparations Law, there is hereby created and appropriated
out of the proceeds of sales of farm facilities, machineries and
equipment, fertilizer, insecticides, pesticides, tillage equipment and
other farm needs and facilities for agricultural development purposes
procured through reparations from Japan and resold to farmers and/or
farmers' cooperative in cash or in credit, a revolving Special Trust
Fund of not exceeding fifty million pesos for the Agricultural Credit
Administration to carry out the purposes and objectives of its charter:
provided, that the amount to cover the cost for freight, insurance and
other expenses incident to the importation of said commodities shall be
advanced out of the Special Economic Development Fund. SECTION 2. The proceeds from the sale of such farm facilities, machineries and equipment, fertilizers, insecticides, pesticides and other farm needs and facilities for agricultural development purposes shall be used exclusively for the subsequent procurement of similar items from local manufacturers, except where locally-manufactured items are not available in the market or when the price of locally-manufactured items exceed the price of any such item as determined by Commonwealth Act Numbered One hundred thirty-eight, otherwise known as the Flag Law. SECTION 3. To carry out the purposes and provisions of this Act, the Agricultural Credit Administration is hereby designated and directed to administer, execute and implement the same, and to issue rules and regulations as may be necessary therefor. SECTION 4. All Acts, laws, executive orders, proclamations, rules and regulations and parts thereof, which are inconsistent with the provisions of this Act are hereby repealed or modified. SECTION 5. This Act shall take effect upon its approval. Approved: June 18, 1966 |
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