|REPUBLIC ACT NO. 364 - AN
ACT AUTHORIZING ALL VOCATIONAL SCHOOLS TO COLLECT TUITION FEES, RECEIVE
CONTRIBUTIONS FROM PRIVATE PERSONS, AND CONTRACT LOANS FROM GOVERNMENT
OR PRIVATE BANKS AND OTHER FINANCIAL INSTITUTIONS, AND CREATING A
SPECIAL TRUST FUND FOR EACH SUCH SCHOOL |
|Section 1. All
existing national and provincial schools of arts and trades, national
and provincial agricultural schools, and other vocational schools,
already established or which may later established, are hereby
authorized to collect tuition fees from their students, receive
contributions from private persons, and contract loans from Government
or private banks and other financial institutions. The head of any such
school is authorized, subject to the approval of the Director of Public
Schools, to negotiate loans for the benefit of the school with
Government or private banks and other financial institutions under such
terms and conditions as he may deem proper. |
Sec. 2. The proceeds from said tuition fees, contributions, and loans, as well as the proceeds from the regular income of each such school and the contributions received from the Government, shall constitute a special trust fund of each such school.
Sec. 3. All existing laws, rules and regulations to the contrary notwithstanding, the said special trust fund of each such school shall be administered and disposed of for the operation, maintenance, improvement, and benefit of the school by the head of the school, subject to the supervision and approval of the Director of Public Schools and in accordance with the provisions and regulations prescribed for the preparation and submission and special budget in subparagraph four, paragraph one, section seven of Commonwealth Act Numbered Two hundred and forty-six, as amended, and Executive Order Numbered Two hundred and eighty-five, dated June twenty-four, nineteen hundred and forty.
The head of the school is also authorized, subject to the approval of the Director of Public Schools and to such rules and regulations as may be prescribed by the Secretary of Finance, to invest any portion of such special trust fund.
Sec. 4. The Secretary of Education is authorized to issue rules and regulations as may be necessary to carry out the purposes of this Act.
Sec. 5. This Act shall take effect upon its approval.
Approved: June 9, 1949