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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. 713 - AN ACT
TRANSFERRING THE CUSTODY AND THE FUNCTION OF INVESTING FUNDS FOR THE
RETIREMENT OF BONDS ISSUED BY THE GOVERNMENT OF THE PHILIPPINES,
PROVINCES, MUNICIPALITIES, AND CITIES TO THE CENTRAL BANK OF THE
PHILIPPINES BY AMENDING ACT NUMBERED THIRTY HUNDRED AND FOURTEEN |
Section 1.
Section s one and two of Act Numbered Thirty hundred and fourteen are
amended to read as follows: "Section 1. The
Central Bank of the Philippines shall hereafter have custody of the
funds of all sinking funds for the retirement of bonds issued by the
Government of the Philippines, provinces, municipalities, and cities.
It shall invest such funds either directly and through any
instrumentality which it may select, but investment may be made only in
securities of the Philippine Government or the Government of the United
States and in such a manner as the Monetary Board may prescribe. All
the expenses of such investment shall be charged to said sinking funds
and the interest and other income from the investments shall be
credited to them. "Sec. 2.
When such funds are invested in the bonds of the issue to which the
fund pertains, said bonds may, upon the approval of the President of
the Philippines, be cancelled. In reckoning the amount in the sinking
fund, credit shall be taken for the face value of bonds of the issue
pertaining to the fund, whether cancelled or held in the fund, and such
bonds, whether cancelled or carried in the fund, shall be regarded as
outstanding within the meaning of the law fixing the amount of the
sinking fund." Sec. 2. All acts or parts of acts inconsistent with the provisions of this Act are hereby repealed. Sec. 3. This Act shall take effect upon its
approval. Approved: June 6, 1952 |
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