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A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
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ACT NO. 2550
ACT NO. 2550 - AN ACT MAKING THE
FRIAR LANDS ESTATES IN OPERATING UNIT; PROVIDING FOR THE ADJUSTMENT OF
THE FRIAR LANDS BONDS SINKING FUND; AND APPROPRIATING SUCH AMOUNTS AS
MAY BE NECESSARY TO MAINTAIN THE FRIAR LANDS BONDS SINKING BOND AND TO
PAY THE INTEREST ON THE FRIAR LANDS BONDS
Section 1. The friar lands estates are hereby created an
operating unit under the administrative control of the Director of
Lands, and all assets and liabilities pertaining to the said estates
are hereby transferred to the account "friar lands estates." The said
account shall be credited with all income resulting from the sale or
rental of the real estate pertaining thereto, and with all incidental
income or earnings connected with the operation of the estates. With
the approval of the Legislature first had it shall be charged with the
operating expenditures and with the cost of administration, repair,
unkeep and improvement of said estates. The current surplus of said
account shall be available for transfer to the friar lands bonds
sinking bonds as hereinafter constituted, and for transfer to the
appropriation for payment of interest on the friar lands bonds.
Sec. 2. On February first, nineteen hundred and
sixteen and on each anniversary thereafter until date of maturity of
the bonds, the friar lands bonds sinking fund shall be adjusted in such
manner that the amount thereof shall equal the amount of an annuity of
nineteen thousand three hundred and seventy-one pesos and thirty-three
centavos for each million pesos of bonds outstanding, with interest at
the rate of three and one-half per centum per annum, counting from date
of issue of the bonds. Said adjustment shall be made through the friar
lands estates account created by section one hereof: Provided, That if
any time the current surplus pertaining to said account is insufficient
for the purpose, the additional amount necessary to make the
adjustments herein contemplated, shall be deemed to be appropriated
from the general surplus of the Insular Government. The friar lands
bonds sinking fund shall be available for investment by the Insular
Treasurer, with the approval of the Governor-General, by deposit at
interest with qualified depositories of Government moneys and for loans
for periods not exceeding ten years in any instance, to provincial and
municipal governments for the construction of public works of a
permanent character, and the payment of the provincial and municipal
share of the cost of cadastral surveys made in accordance with the
provisions of Act Numbered Twenty-two hundred and fifty-nine, as
amended, or such proportion of the cost as may be assumed by a province
under the provisions of section eighteen of Act Numbered Twenty-two
hundred and fifty-nine, as amended, temporarily in loans to the Manila
Railroad Company to enable that company to comply with the provisions
of paragraph two of the memorandum of agreement set forth in section
one of Act Numbered Twenty-five hundred and seventy-four, all in
accordance with the provisions of paragraphs four and five of said
memorandum of agreement, and for investment in such loans and
securities as are authorized for the Postal Savings Bank by existing
laws: Provided, That the rates of interest on all loans made by
authority of this section shall be fixed by the Governor-General except
as herein otherwise provided:
And provided further, That no loans shall be made from this fund for
such period that the same will extend beyond the period for redemption
of the bonds for which this sinking fund is created: And provided
further, That if any of said bonds shall be redeemed before the period
of the maturity thereof said bonds may, in the discretion of the
Governor-General, be cancelled, or they may be held by the Insular
Treasure as an investment of the friar lands bonds sinking fund: And
provided further, That said loans to the Manila Railroad Company shall
be evidenced by a note or notes bearing interest at the rate of four
per centum per annum, and secured in accordance with paragraph four of
said memorandum of agreement set forth in section one of Act Numbered
Twenty-five hundred and seventy-four. (Section 1, Act No. 2592)
Sec. 3. There is hereby appropriated out of the
general surplus of the Insular Government-such amount as may be
necessary, over and above the amount made available by section one
hereof, for the purpose of paying the interest on outstanding friar
lands bonds, together with any exchange charges which may be incurred
in connection with the payment of said interests, or any exchange
charges which may be incurred in connection with the payment of the
principal of said bonds.
Sec. 4. Section four of Act Numbered One thousand
and thirty-four, section twenty-three of Act Numbered One thousand one
hundred and twenty, the third paragraph of section one of Act Numbered
One thousand two hundred and eighty-four, all of Act Numbered One
thousand seven hundred and forty-nine, and all other Acts or parts of
Acts in conflicts with this Act are hereby repealed.
Sec. 5. This Act shall take effect on its passage.
Enacted, January 22, 1916.
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