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 |
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 |