REPUBLIC ACT NO. 87, October 29, 1946

[ REPUBLIC ACT NO. 87, October 29, 1946 ]

AN ACT APPROPRIATING THE NET PROCEEDS FROM THE SALES OF SURPLUS PROPERTY AND PROPERTIES ACQUIRED FROM SUCH PROCEEDS OR EXCHANGES WITH SURPLUS PROPERTY TO PAY FOR SUBSCRIPTIONS TO THE CAPITAL STOCK OF THE REHABILITATION FINANCE CORPORATION.

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

SECTION 1. The net proceeds from time to time derived from sales of surplus property acquired from the United States Government under the terms of Title II of United States Public Law Numbered Three hundred and seventy, approved on April third, nineteen hundred and forty-six, are hereby appropriated to pay for subscriptions of the Government of the Republic of the Philippines to the capital stock of the Rehabilitation Finance Corporation. The President is hereby directed to transfer to the Rehabilitation Finance Corporation all properties acquired by the Government of the Republic of the Philippines with funds derived from sales of or exchanges with the surplus property referred to above. The fair value of such properties shall be determined by the President and the same shall be credited to the Government as payment for subscriptions to the capital stock of the corporation.

SEC. 2. This Act shall take effect upon its approval.

Approved, October 29, 1946.