Section 1. The
title and sections one, two, three, and four of Republic Act Numbered
Three hundred and fifty-seven, entitled "An Act to authorize the
National Power Corporation to contract loans from time to time from the
International Bank for Reconstruction and Development, authorizing the
President of the Philippines to negotiate and contract the same for and
on behalf of the National Power Corporation and to guarantee the same
for and on behalf of the Republic of the Philippines, and for the
purposes," are hereby amended so as to read as follows:
"[REPUBLIC ACT NO. 357]
"AN ACT TO AUTHORIZE THE NATIONAL POWER CORPORATION TO CONTRACT LOANS
FROM TIME TO TIME FROM THE INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT, THE EXPORT-IMPORT BANK OF WASHINGTON, D.C., U.S.A., OR ANY
OTHER INTERNATIONAL FINANCIAL INSTITUTIONS, AUTHORIZING THE PRESIDENT
OF THE PHILIPPINES TO NEGOTIATE AND CONTRACT THE SAME FOR AND ON BEHALF
OF THE NATIONAL POWER CORPORATION AND TO GUARANTEE THE SAME FOR AND ON
BEHALF OF THE REPUBLIC OF THE PHILIPPINES, AND FOR OTHER PURPOSES.
"Section 1. The National Power Corporation is hereby
authorized to contract loans from time to time from the International
Bank for Reconstruction and Development, the Export-Import Bank of
Washington, D.C., U.S.A., or any other international financial
institutions, the total amount of which, exclusive of interest, shall
not exceed fifty million United States dollars or the equivalent
thereof in other currencies on such terms and conditions as it shall
deem appropriate for the accomplishment of its purposes and to enter
into and execute agreements and other documents specifying such terms
and conditions.
"Sec. 2. The President of the Philippines is
hereby authorized to negotiate and contract with the International Bank
Reconstruction and Development, the Export-Import Bank of Washington,
D.C., U.S.A., or any other international financial institutions, in the
name and on behalf of the National Power Corporation, one or several
loans, for the purpose of assisting in the reconstruction, or promoting
the development, of the economy of the country.
"Sec. 3. The President of the Philippines is
hereby further authorized to guarantee, absolutely and unconditionally,
as primary obligor and not as surety merely, in the name and on behalf
of the Republic of the Philippines, the payment of the loan or loans
herein authorized as well as the performance of all or any of the
obligations undertaken by the National Power Corporation in the
territory of the Republic of the Philippines pursuant to loan agreement
entered into with the International Bank for Reconstruction and
Development, the Export-Import Bank of Washington, D.C., U.S.A., or any
other international financial institutions.
"Sec. 4. Pursuant to the authority granted under
sections two and three of this Act, the President of the Philippines is
empowered to enter into agreements with the International Bank for
Reconstruction and Development, the Export-Import Bank of Washington,
D.C., U.S.A., or any other international financial institutions, on
such terms and conditions as he shall deem proper to effectuate the
purposes of this Act."
Sec. 2. This Act shall take effect upon its
approval.
Approved: July 10, 1952
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