PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES
REPUBLIC ACTS
| REPUBLIC ACT NO. 1522 - AN ACT TO
EXTEND THE EFFECTIVITY OF REPUBLIC ACT NUMBERED ELEVEN HUNDRED
SIXTY-FOUR OTHERWISE KNOWN AS THE "EMERGENCY GOLD MINING ASSISTANCE ACT
OF THE PHILIPPINES" BY AMENDING SECTION SEVEN THEREOF AND TO AMEND
SECTION TWO, PARAGRAPH (A), AND SECTION FOUR OF SAID LAW |
| Section 1.
Section two, paragraph (a) of Republic Act Numbered Eleven hundred
sixty-four, is hereby amended to read as follows: "Sec. 2.
(a). "Gold producer" or "Gold mine" means any person, corporation,
partnership, or association which is producing gold either by itself or
through an operating agreement on the date of the approval of this Act
or which engages in the production of gold during the effectivity of
this Act, either as principal product or as by-product;"
Sec. 2. Section four of Republic Act Numbered Eleven hundred and sixty-four is amended to read as follows: "Sec. 4.
Mines with gold as principal product or as by-product. � Newly-mined
gold produced as principal product or as by-product may be sold either
to the Government through the Central Bank in the form of refined gold
at the current official price per ounce plus the assistance provided in
section six hereof or in the domestic free market without benefit of
the assistance, at the choice of the gold producer: Provided, however,
That at least seventy-five per centum of all newly-mined gold produced
by each mine either as principal product or as by-product shall be sold
to the Government in accordance with the provisions of this Act: And
provided, further, That mines producing gold as by-product shall only
be entitled to the assistance given to mines over the marginal
classification."
Sec. 3. The Board may, at its discretion, exclude from the benefits of this act any mine which may be found, upon due hearing, to be discriminating in such matter as, but not limited to, salaries, wages and management against Filipino technical men, employees and/or laborers." Sec. 4. Section seven of Republic Act Numbered Eleven hundred sixty-four, is amended to read as follows: "Sec. 7.
Term. � This direct short term assistance shall be effective until July
18, 1957."
Sec. 5. This Act shall take effect upon its approval. Approved: June 16, 1956 |