PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES
REPUBLIC ACTS
| REPUBLIC ACT NO. 205 - AN
ACT TO REMIT THE INTEREST WHICH ACCRUED FROM JANUARY FIRST, NINETEEN
HUNDRED AND FORTY-TWO, TO JUNE THIRTIETH, NINETEEN HUNDRED AND
FORTY-SIX, ON ALL OBLIGATIONS CONTRACTED BY PROVINCIAL, CITY AND
MUNICIPAL GOVERNMENTS IN FAVOR OF THE NATIONAL GOVERNMENT OR OF ANY OF
THE GOVERNMENT-OWNED OR CONTROLLED CORPORATIONS, AND TO EXTEND FOR A
PERIOD OF FOUR YEARS AND SIX MONTHS THE PAYMENT OF SUCH OBLIGATIONS |
| Section
1. For the purpose of enabling the different
provinces, cities and municipalities to stabilize their finances, all
interests which accrued from January first, nineteen hundred and
forty-two, to June thirtieth, nineteen hundred and forty-six, on all
obligations contracted by provincial, city and municipal governments in
favor of the National Government or of any of the government-owned or
controlled corporations are remitted, and the period of payment of the
amortization on the said obligations is hereby extended for a term of
four years and six months counted from the due date of the respective
obligations. Sec. 2. This Act shall take effect upon its approval. Approved: May 28, 1948 |