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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. 671 - AN
ACT TO AMEND REPUBLIC ACT NUMBERED FOUR HUNDRED ONE ENTITLED "AN ACT TO
CONDONE ALL UNPAID INTEREST ACCRUING FROM JANUARY FIRST, NINETEEN
HUNDRED AND FORTY-TWO TO DECEMBER THIRTY-FIRST, NINETEEN HUNDRED AND
FORTY-FIVE ON ALL OBLIGATIONS OUTSTANDING ON DECEMBER EIGHT, NINETEEN
HUNDRED AND FORTY-ONE, AND TO APPLY PAYMENTS OF INTEREST PAID AFTER
FEBRUARY TWENTY-EIGHT, NINETEEN HUNDRED AND FORTY-FIVE, TO THE
PRINCIPAL OBLIGATION IF STILL OUTSTANDING IN CERTAIN CASES" |
Section 1.
Section one of Republic Act Numbered Four hundred one is hereby amended
to read as follows: "Section 1.
Declaration of policy. — Rehabilitation of those who have suffered the
ravages of war constitutes a prime concern of the Government. In order
to afford opportunities to debtors of the Government or Government
owned or controlled corporations to rehabilitate themselves and to
enable them to pay their prewar obligations under terms and conditions
fair and just to them, it is the declared policy of the State that the
condonation of interests contemplated herein be extended." Sec. 2. Section two of the Republic Act Numbered Four hundred one is hereby amended to read as follows: "Sec. 2. All
unpaid interest in favor of the Government or Government owned or
controlled corporations accruing from the first day of January,
nineteen hundred and forty-two to thirty-first day of December,
nineteen hundred and forty-five, on all debts and obligations
outstanding on the eighth day of December, nineteen hundred and
forty-one, shall not be demandable and are hereby condoned in the
following cases: "Sec. 3. All
interests paid on debts or obligations outstanding on the eighth day of
December, nineteen hundred and forty-one corresponding to the period
from the first day of January, nineteen hundred and forty-two to the
thirty-first day of December, nineteen hundred and forty-five, by the
debtors mentioned in section one hereof shall be applied in payment of
the principal obligation if the same is still outstanding and if the
payment is made from or after February twenty-eight, nineteen hundred
and forty-five to the date of the effectivity of this Act."
"Sec. 3-A.
If any section of this Act, or part thereof, shall be held invalid, the
remainder of the section, or of this Act shall not be affected
thereby." Sec. 5. This Act shall take effect fifteen days after its publication in the Official Gazette. Approved: June 16, 1951 |
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