Use of Surplus Sales Proceeds for RFC Stock

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Republic Act No. 87: Use of Surplus Sales Proceeds for RFC Stock

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Title Supreme Court: Use of Surplus Sales Proceeds for RFC Stock

Law: Republic Act No. 87

Decision Date: Oct 29, 1946

Republic Act No. 87 appropriates the proceeds from the sales of surplus property to pay for subscriptions to the capital stock of the Rehabilitation Finance Corporation, with the President directed to transfer all acquired properties to the corporation as payment.

appropriation

proceeds

surplus property sales

Authority and Direction to the President

The President is directed to transfer to the Rehabilitation Finance Corporation all properties acquired using funds derived from sales or exchanges involving the surplus property.
The fair value of these transferred properties is to be determined by the President.
The value assessed will serve as credit to the Government of the Republic of the Philippines for its subscription to the RFC's capital stock.

Effectivity of the Act

The Act takes effect immediately upon its approval.
The date of approval is October 29, 1946.

END