Amendment to surety bond disqualification rules
- Section 1 strikes out Section 11 of Act No. 536 and substitutes a new SEC. 11.
- SEC. 11 provides that no surety company then doing business in these Islands shall be disqualified from executing surety bonds before February 1, 1903.
- SEC. 11 confirms the execution of surety bonds prior to February 1, 1903 must be under the terms of this Act (i.e., the amended surety-bond framework in Act No. 536 as amended).
New effectivity date within the amended law
- Section 1 inserts a new SEC. 12 into Act No. 536.
- SEC. 12 establishes that this Act takes effect on February 1, 1903.
- SEC. 12 fixes February 1, 1903 as the operative date for the amended surety-bond regime described by the substituted provisions.
Expedited legislative procedure
- Section 2 declares that the public good requires the speedy enactment of the bill.
- Section 2 provides that passage is expedited in accordance with Section 2 of “An Act prescribing the order of procedure by the Commission in the enactment of laws,” passed September 26, 1900.
- Section 2 makes expedited enactment part of the legislative process for Act No. 561.
Effectivity of the amending act
- Section 3 states that Act No. 561 takes effect on its passage.
- Act No. 561 therefore becomes effective immediately upon passage, while the substituted surety-bond framework contains a specific February 1, 1903 effective date in SEC. 12.