PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW LIBRARY
REPUBLIC ACTS
| REPUBLIC ACT NO. 1276 - AN
ACT INCREASING THE LIMIT OF THE BONDED INDEBTEDNESS OF THE METROPOLITAN
WATER DISTRICT FROM THIRTY MILLION PESOS TO FORTY MILLION PESOS,
AMENDING FOR THE PURPOSE SUBSECTION (m) OF SECTION TWO OF ACT NUMBERED
TWENTY-EIGHT HUNDRED THIRTY-TWO, AS AMENDED |
| Section 1.
Subsection (m) of section two of Act Numbered Twenty-eight hundred and
thirty-two, as amended by Commonwealth Act Numbered Four hundred
thirty-eight and Republic Act Numbered Eleven hundred forty-nine, is
further amended to read as follows: "(m) When
essential to the proper administration of its corporate affairs or
necessary for the proper transaction of its business or to carry out
the purposes for which it was organized, to contract indebtedness and
issue bonds, subject to the approval of the Secretary of Finance. The
bonded indebtedness of the District, of all classes, shall not at any
time exceed forty million pesos, and the issue thereof shall be subject
to the conditions set forth in section five of this Act, as amended."
Sec. 2. This Act shall take effect upon its approval. Approved: June 14, 1955 |
chanroblesvirtuallawlibrary
