Question & AnswerQ&A (Act No. 3365)
The main purpose of Act No. 3365 is to repeal Act No. 3318, which provided for the registration of contracts of agency and their revocation, and to ratify, confirm, and validate contracts and acts related to civil or commercial agency made under prior laws.
Act No. 3365 repeals Act No. 3318.
Act No. 3365 was approved on December 3, 1927.
No, Act No. 3365 ratifies, confirms, and validates contracts of civil or commercial agency and related acts that were valid under laws existing prior to Act No. 3318 as if Act No. 3318 had not been enacted.
Civil and commercial agency contracts are specifically mentioned.
These contracts and obligations are ratified, confirmed, and validated to the same extent as if Act No. 3318 had never been enacted.
No, the Act explicitly states that nothing shall be construed to impair acquired rights under Act No. 3318 by any person, company, or corporation.
Act No. 3365 takes effect upon its approval.
The repeal means that the specific provisions requiring registration and revocation processes under Act No. 3318 no longer apply; such contracts are governed by pre-existing laws before Act No. 3318.
No, Act No. 3365 does not mention penalties or sanctions; it primarily addresses repeal and validation of contracts and rights related to agency contracts under prior law.