An Act Amending Sections One and Two of Republic Act Numbered Four Hundred and Six, Entitled "An Act Creating a Mines Special Fund in the Bureau of Mines to be Used for the Canvassing and Evaluation of Mineral Deposits Needed in the Development of Philippine Industries, and the Publication of Mining Statistics and Data, and for Other Purposes

REPUBLIC ACT No. 4793

An Act Amending Sections One and Two of Republic Act Numbered Four Hundred and Six, Entitled "An Act Creating a Mines Special Fund in the Bureau of Mines to be Used for the Canvassing and Evaluation of Mineral Deposits Needed in the Development of Philippine Industries, and the Publication of Mining Statistics and Data, and for Other Purposes"

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

Section 1. Section one of Republic Act Numbered Four hundred and six is hereby amended to read as follows:

Section 2. Section two of the same Act is hereby amended to read as follows:

Section 3. This Act shall take effect upon its approval.

Approved: June 18, 1966.

"Sec. 1. There is hereby created a "Mines Special Fund" in the Bureau of Mines for the purpose of carrying out investigations and surveys to canvass, locate, and evaluate deposits of minerals needed in the development of Philippine industries; geological, geophysical, geochemical, topographical and mineralogical surveys; metallurgical and pilot plant testing of ores, investigation and evaluation of geothermal fields and the dissemination and publication of the results thereof and of information, statistics and data regarding mineral production and utilization, mining practices and methods, geologic investigations relative to mining engineering, construction and planning, and operation; training of technical personnel of the Bureau of Mines in specialized fields, and the construction of buildings, metallurgical laboratories including the University of the Philippines, pilot plants, and other facilities and the purchase and maintenance of motor vehicles, equipment, apparatus, furniture and supplies necessary to carry out the purposes aforesaid."

"Sec. 2. This fund shall consist of ten per centum of the total mining taxes paid to the Government and all royalties or participation except ad valorem tax received by the Government in the exploitation, processing and disposition of minerals in government mineral reservations administered by the Secretary of Agriculture and Natural Resources and/or the Director of Mines, which fund shall be set aside at the beginning of each fiscal year and shall be placed at the disposal of the Secretary of Agriculture and Natural Resources for the purpose enumerated in Section one hereof."