An Act Authorizing the Philippine Sportswriters Association to Hold One Benefit Boxing Show Every Year, the Net Proceeds of Which Shall Constitute a Trust Fund for the Benefit of Disabled Filipino Boxers

REPUBLIC ACT No. 1373

An Act Authorizing the Philippine Sportswriters Association to Hold One Benefit Boxing Show Every Year, the Net Proceeds of Which Shall Constitute a Trust Fund for the Benefit of Disabled Filipino Boxers

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

Section 1. The Philippine Sportswriters Association is authorized to hold one benefit boxing show every year, the net proceeds of which shall be for the benefit of disabled Filipino boxers.

The benefit boxing shows promoted by the Philippine Sportswriters Association pursuant to the provisions of this Act shall be exempt from all taxes.

Section 2. The net proceeds of the benefit boxing shows shall constitute a trust fund to be known as the "Disabled Filipino Boxers Trust Fund" and shall be administered by a Board of Trustees, composed of the Chairman of the Games and Amusements Board, as chairman, and a representative of the Philippine Sportswriters Association and of the Philippine Boxing Association, as members.

Section 3. Subject to the rules and regulations as the Board of Trustees may from time to time promulgate, the trust fund shall be available for the benefit of poor and deserving disabled Filipino boxers.

Section 4. This Act shall take effect upon its approval.

Approved: June 18, 1955.