Law Summary
Validation of Pre-existing Contracts and Acts of Agency
- All contracts of civil or commercial agency and any actions performed, obligations created, or assumed under them, which were valid under laws prior to Act No. 3318, remain ratified, confirmed, and validated.
- The validation is as if Act No. 3318 had never been enacted, preserving the continuity and legality of these contracts and acts.
- The provision ensures no disruption to contracts and obligations valid before the repealed Act.
- However, the Act safeguards existing acquired rights under Act No. 3318, so that these rights are not impaired by the repeal.
Effectivity of the Act
- The Act takes effect immediately upon its approval on December 3, 1927.
- This immediate effect ensures the swift repeal of the prior registration requirements and the validation of prior contracts and acts under the specified conditions.