Act No. 1034

: The primary purpose of Act No. 1034 is to authorize the issue of bonds by the Government of the Philippine Islands to raise funds for the payment of the purchase price of certain large tracts of lands known as the Friar Lands.
: The proceeds from the sale of the bonds shall be deposited with the Guaranty Trust Company of New York, the authorized depository of the Philippine Islands, credited to the Treasurer of the Philippine Islands.
: The lands were purchased because the holding of such large tracts by corporations injuriously affected the peace and welfare of the Philippine Islands, thus the government intervened to acquire these lands pursuant to contracts entered with various private corporations.
: All moneys from leasing, sale, or other disposition of the lands constitute a trust fund and sinking fund exclusively used to secure payment of principal and interest of the bonds, held separately in the Treasury and invested accordingly.
: The Philippine Commission was empowered by section 64 of the Act of Congress, entitled "An Act temporarily to provide for the administration of the affairs of civil government in the Philippine Islands," approved July 1, 1902.
: This Act takes effect immediately upon its passage on January 6, 1904.