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. 2052 - AN ACT
AUTHORIZING THE PRESIDENT OF THE PHILIPPINES TO INCREASE THE
PARTICIPATION OF THE REPUBLIC OF THE PHILIPPINES IN THE INTERNATIONAL
MONETARY FUND AND THE INTERNATIONAL BANK FOR RECONSTRUCTION AND
DEVELOPMENT, 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
increase in the subscription of the Republic of the Philippines to the
capital stock of the International Bank for Reconstruction and
Development and its quota in the International Monetary Fund, in such
amounts as may be required by the Articles of Agreement of the Fund and
the rules that may be promulgated thereunder.
Sec. 2. (a) To cover the initial payments on the
increase in quota in the Fund and the subscription to the capital stock
of the Bank as required under the Articles of Agreements of the
International Monetary Fund and the International Bank for
Reconstruction and Development, 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.cralaw Sec. 3. There is hereby appropriated, out of any funds in the National Treasury not otherwise appropriated, such sums as may be needed to reimburse the Central Bank of the Philippines for all advances that may have been made by it pursuant to Sec. 2 of this Act.cralaw Sec. 4. All Acts or parts of Acts inconsistent herewith are hereby amended accordingly.cralaw
Sec. 5. This Act shall take effect upon its
approval.cralaw |