Republic Act No. 87: An act appropriating the net proceeds from the sales of surplus property and properties acquired from such proceeds or exchanges with surplus property to pay for subscriptions to the capital stock of the rehabilitation finance corporation

Republic Act No. 87

An act appropriating the net proceeds from the sales of surplus property and properties acquired from such proceeds or exchanges with surplus property to pay for subscriptions to the capital stock of the rehabilitation finance corporation

An Act Appropriating the Net Proceeds from the Sales of Surplus Property and Properties Acquired from Such Proceeds or Exchanges with Surplus Property to Pay for Subscriptions to the Capital Stock of the Rehabilitation Finance Corporation

In plain language

The act appropriates the net proceeds from sales of surplus property and from properties acquired from such proceeds or exchanges with surplus property to pay for subscriptions to the capital stock of the Rehabilitation Finance Corporation, directs the President to transfer the acquired properties to the corporation, and takes effect upon approval.

Appropriation of net proceeds from surplus property sales

Directive to the President to transfer acquired properties to the Rehabilitation Finance Corporation

Determination of fair value of transferred properties

Act takes effect upon approval

Rehabilitation Finance Corporation

Surplus Property

Capital Stock

Appropriation

Republic Act 87

REPUBLIC ACT No. 87

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

Section 1

The net proceeds from time to time derived from sales of surplus property acquired from the United States Government under the terms of Title II of United States Public Law Numbered Three hundred and seventy, approved on April third, nineteen hundred and forty-six, are hereby appropriated to pay for subscriptions of the Government of the Republic of the Philippines to the capital stock of the Rehabilitation Finance Corporation. The President is hereby directed to transfer to the Rehabilitation Finance Corporation all properties acquired by the Government of the Republic of the Philippines with funds derived from sales of or exchanges with the surplus property referred to above. The fair value of such properties shall be determined by the President and the same shall be credited to the Government as payment for subscriptions to the capital stock of the corporation.

Section 2

This Act shall take effect upon its approval.

Approved: October 29, 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.