Loan of 20,000 Pesos to La Union Province

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Act No. 988: Loan of 20,000 Pesos to La Union Province

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Title Source: Supreme Court: Loan of 20,000 Pesos to La Union Province

Law: Act No. 988

Decision Date: Nov 9, 1903

A law enacted in 1903 provides a loan of twenty thousand pesos to the Province of La Union for general expenses, to be repaid without interest by January 1, 1905, in order to expedite the implementation of the loan for the public good.

Law Summary

Conditions and Disbursement Procedure for the Loan

The loan funds will be released to the treasurer of the Province of La Union.
Release is conditional upon submission of a certified resolution from the provincial board accepting the loan.
The provincial treasurer must present this certified acceptance to the Treasurer of the Philippine Islands.
The loan is to be repaid in full without interest.
The repayment deadline is set on or before January 1, 1905.

Facilitation of Expedited Legislative Process

The Act recognizes the urgency for its enactment due to public necessity.
It is passed under the expedited procedure outlined in Section 2 of the Act prescribing the order of procedure of the Philippine Commission.
The legislative process conforms to the rules established on September 26, 1900.

Effectivity Clause

The Act takes effect immediately upon its passage.
This ensures immediate availability of funds for provincial use following enactment.

END