Republic Act No. 405: An act to condone all unpaid interests 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 interests paid after february twenty-eight, nineteen hundred and forty-five, to the principal obligation if still outstanding, in certain cases

Republic Act No. 405

An act to condone all unpaid interests 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 interests paid after february twenty-eight, nineteen hundred and forty-five, to the principal obligation if still outstanding, in certain cases

An Act to Condone All Unpaid Interests 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 Interests Paid After February Twenty-Eight, Nineteen Hundred and Forty-Five, to the Principal Obligation if Still Outstanding, in Certain Cases

In plain language

The act condones unpaid interests on government debts accrued between 1942 and 1945 and allows interest payments made after February 28, 1945 to be applied to principal obligations if still outstanding.

Condonation of unpaid interests on government debts from 1942-1945

Interest payments after Feb 28, 1945 applied to principal if outstanding

Act becomes effective fifteen days after publication

post-war relief

government debt

interest condonation

REPUBLIC ACT No. 405

An Act Granting Maria De La Rosa a Franchise for an Electric Light, Heat and Power System in the Municipalities of Cataingan and Placer, Province of Masbate

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1

Subject to the terms and conditions established in Act Numbered Thirty-six hundred and thirty-six as amended by Commonwealth Act Numbered One hundred and thirty-two, and to the provisions of the Constitution, there is granted to Maria de la Rosa, for a period of twenty-five years from the approval of this Act, the right, privilege, and authority to construct, maintain, and operate an electric light, heat and/or power system for the purpose of generating and distributing electric light, heat and/or power for sale within the limits of the municipalities of Cataingan and Placer, Province of Masbate.

Section 2

It is expressly provided that in the event the Government should desire to maintain and operate for itself the plant and enterprise herein authorized, the grantee shall surrender its franchise and will turn over to the Government all serviceable equipment therein, at cost.

Section 3

This Act shall take effect upon its approval.

Approved: June 18, 1949.

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.