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Republic Act
Approved September 25, 1946

Republic Act No. 28

An act authorizing municipalities to contract loans from the agricultural and industrial bank for the construction of public markets and slaughterhouses

AN ACT AUTHORIZING MUNICIPALITIES TO CONTRACT LOANS FROM THE AGRICULTURAL AND INDUSTRIAL BANK FOR THE CONSTRUCTION OF PUBLIC MARKETS AND SLAUGHTERHOUSES

In plain language

The act authorizes municipalities to contract loans from the Agricultural and Industrial Bank for the construction of public markets and slaughterhouses, sets a maximum interest rate of 6%, requires repayment through 50% of the operation’s annual net income until fully paid, and establishes supervision by the district engineer and reporting duties for the municipal treasurer.

  • Municipalities authorized to contract loans from the Agricultural and Industrial Bank
  • Maximum interest rate of 6%
  • Repayment through 50% of annual net income until fully paid
  • Construction supervised by district engineer
  • Municipal treasurer responsible for administration and reporting
  • Act effective upon approval
public markets
slaughterhouses
municipal finance
Agricultural and Industrial Bank

Republic Act No. 28 September 25, 1946

AN ACT AUTHORIZING MUNICIPALITIES TO CONTRACT LOANS FROM THE AGRICULTURAL AND INDUSTRIAL BANK FOR THE CONSTRUCTION OF PUBLIC MARKETS AND SLAUGHTERHOUSES

Section 1

Municipalities are hereby authorized to contract loans from the Agricultural and Industrial Bank, said loans to be taken from time to time in such amounts as may be needed for the construction of public markets and slaughterhouses and for the acquisition of the necessary sites, subject to the approval of the President of the Philippines.

Section 2

That said loans shall bear an interest at the rate of not more than six per centum. Fifty per centum of the annual net income of the operation of the market and slaughterhouse constructed under this Act shall be used to pay the loan herein authorized, until such time as such loan together with the interest shall have been totally paid. At the end of each fiscal year the said sum shall be turned over by the municipal treasurer concerned to the Agricultural and Industrial Bank.

Section 3

The construction of such markets and slaughterhouses shall be under the supervision of the district engineer.

Section 4

The municipal treasurer shall be charged with the administration, operation and maintenance of any project constructed under this Act, and shall monthly or as may be required by the Agricultural and Industrial Bank, submit to it a report showing the income from the operation of the project.

Section 5

This Act shall take effect upon its approval.

Approved: September 25, 1946

For information and research only, and not legal advice. This text may not reflect later amendments. For certified copies, refer to the Official Gazette or the issuing agency.