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

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

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1. Section two, paragraph (a) of Republic Act Numbered Eleven hundred sixty-four, is hereby amended to read as follows:

Section 2. Section four of Republic Act Numbered Eleven hundred and sixty-four is amended to read as follows:

Section 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."

Section 4. Section seven of Republic Act Numbered Eleven hundred sixty-four, is amended to read as follows:

Section 5. This Act shall take effect upon its approval.

Approved: June 16, 1956.

"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. 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. 7. Term. -This direct short term assistance shall be effective until July 18, 1957."