An Act Appropriating the Sum of Twenty Million Pesos Out of the Proceeds of the Bond Issue Authorized by Republic Act Numbered One Thousand, for Additional Capitalization of the Cebu Portland Cement Company and the Exploration and Development of the Coal Resources, and for Other Purposes
Year:
1955
Category:
Other
Date Approved:
June 16, 1955
Summary
Plain-language AI-assisted summary — not the official text. As of July 1, 2026. Read the full text below or on the official source.
This act appropriates twenty million pesos from the proceeds of a bond issue for the Cebu Portland Cement Company and the exploration and development of coal resources in the Philippines. It specifies the allocation of funds for increasing the capital stock of the company and outlines restrictions on the use of these funds.Full Text
REPUBLIC ACT No. 1341
An Act Appropriating the Sum of Twenty Million Pesos Out of the Proceeds of the Bond Issue Authorized by Republic Act Numbered One Thousand, for Additional Capitalization of the Cebu Portland Cement Company and the Exploration and Development of the Coal Resources, and for Other Purposes
Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:
Section 1. Out of the proceeds of the bond issue authorized by Republic Act Numbered One thousand, there is hereby appropriated the sum of twenty million pesos for the Cebu Portland Cement Company.
Section 2. Of the amount appropriated under section one hereof, fifteen million pesos shall be invested to increase the capital stock of the Cebu Portland Cement Company, and five million pesos shall be utilized for the exploration and development of the country’s coal resources: Provided, However, That no portion of the latter sum shall be utilized to compete with private persons engaged in coal mining or for the exploration and/or development by the Cebu Portland Cement Company on royalty basis of coal resources leased by the Government in favor of private persons.
Section 3. This Act shall take effect upon its approval.
Approved: June 16, 1955.
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Republic Acts are laws passed by the Congress of the Philippines. This content is sourced from LawPhil (lawphil.net) for reference purposes. For official and authoritative texts, please refer to the Official Gazette.