[ Act No. 3039, March 10, 1922 ]

AN ACT TO AMEND SECTIONS TWO AND FIVE OF ACT NUMBERED TWENTY-EIGHT HUNDRED AND EIGHTEEN

Be it enacted by the Senate and House  of Representatives of the Philippines in Legislature assembled  and  by the authority of the same:

SECTION 1.  Sections two  and five  of Act  Numbered Twenty-eight  hundred and  eighteen are hereby amended to read as follows:

"SEC. 2. The  sum of one million pesos so  appropriated shall be invested exclusively in loans to  agricultural credit cooperative  associations organized under Act  Numbered Twenty-five hundred and eight and  its amendments, subject to such  conditions as the Secretary  of Agriculture and Natural Resources may require: Provided,  however, That such loans shall be granted only for the breaking and cultivation of new rice or corn lands which are, or  have been, lying fallow, or for the  purchase of the work cattle  or agricultural implements necessary to increase said production.   These loans shall  bear  interest  at  a rate not  to exceed six per centum per annum:  Provided, further, That each individual loan made by the associations to  their members shall not  be in excess  of  the sum of  two thousand pesos,  and that the maturity of said loans shall not extend beyond June thirtieth,  nineteen hundred  and thirty. But  beginning with January first, nineteen  hundred and twenty-two, no individual loan made by  the associations  to their members shall be in  excess of the sum of one thousand  pesos.   At  the expiration  of  said  period,  the  entire capital and  interest shall revert to the  Insular Treasury, and  the  lands, cattle, or  other  property attached for delinquency shall  become the  property  of the Government of the Philippine Islands, and the Director  of Lands may, with  the  approval of the Secretary  of Agriculture and Natural Resources, lease the same  in  accordance with the provisions of the Public Land Act  or sell them  to individuals  only, in accordance with said  Act."

"SEC. 5. This Act shall take effect on its approval and shall continue in force until June  thirtieth,  nineteen hundred and thirty, and all causes, proceedings, or actions  of in any  nature  begun, or that  may have to be begun,  under this Act after said date, shall be continued and carried on as if  such Act were still in force, until the  final conclusion of such causes, proceedings, or actions."

SEC. 2. This Act shall take effect on  its  approval.

Approved, March 10, 1922.