REPUBLIC ACT NO. 2687 - AN ACT AUTHORIZING THE PRESIDENT OF THE PHILIPPINES TO NEGOTIATE FOR THE SUBSCRIPTION OF THE REPUBLIC OF THE PHILIPPINES TO THE INTERNATIONAL DEVELOPMENT ASSOCIATION, AND PROVIDING FOR THE PROCEDURE TO MEET THE FINANCIAL REQUIREMENTS THEREFOR.
[ REPUBLIC ACT NO. 2687, June 18, 1960 ]
AN ACT AUTHORIZING THE PRESIDENT OF THE PHILIPPINES TO NEGOTIATE FOR THE SUBSCRIPTION OF THE REPUBLIC OF THE PHILIPPINES TO THE INTERNATIONAL DEVELOPMENT ASSOCIATION, AND PROVIDING FOR THE PROCEDURE TO MEET THE FINANCIAL REQUIREMENTS THEREFOR.
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
SECTION 1. The President of the Philippines is hereby authorized to negotiate for the subscription of the Republic of the Philippines to the capital stock of the International Development Association in the amount of five million and forty thousand United States dollars.
SEC. 2. (a) To cover the initial payments on the subscription to the capital stock of the Association as required under the Articles of Agreement of the International Development Association, the Secretary of Finance is authorized to secure, for and in behalf of the Republic of the Philippines, advances from the Central Bank of the Philippines, the necessary funds against which he shall issue five-year non-interest bearing and non-negotiable promissory notes of the Republic of the Philippines: Provided, however, That said promissory notes may be renewed for another period of five years.
(b) For the balance of the subscription payable to the Association, the Secretary of Finance is likewise authorized to issue special notes of the Republic of the Philippines at par which shall be non-interest bearing, and non-negotiable and shall be payable on demand by the Association. In the event such demand is made by the Association, the Central Bank of the Philippines shall advance the necessary amount, under the same arrangements provided for in paragraph (a) of this section.
SEC. 3. Congress shall provide the necessary appropriations from time to time to reimburse the Central Bank of the Philippines for all advances that may have been made by it pursuant to Section two of this Act.
SEC. 4. This Act shall take effect upon its approval.
Approved, June 18, 1960.
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