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SEC. 3. This Act shall take effect on August tenth, nineteen hundred and seven: Provided, That the distribution of funds in the municipal treasury of Talisayan, resulting from the separation from Talisayan of the former municipality of Gingoog, shall be made as of the date of the passage of this Act.

Enacted, March 20, 1907.

[No. 1619.]

AN ACT Increasing the number of municipalities in the Province of Bulacan from fourteen to fifteen, by separating from Baliuag the former municipality of San Rafael, giving the latter the territory which it comprised prior to the passage of Act Numbered Nine hundred and thirty-two, and providing for the distribution of funds in the municipal treasury of Baliuag, resulting from the separation from Baliuag of the former municipality of San Rafael.

By authority of the United States, be it enacted by the Philippine Commission, that:

SECTION 1. The fourteen municipalities of the Province of Bulacan, as established by Act Numbered Fifteen hundred and eighty-eight, shall, in accordance with the provisions of this Act, be increased to fifteen, by separating from Baliuag the former municipality of San Rafael which is hereby reconstituted and shall consist of the territory of which it was constituted prior to the passage of Act Numbered Nine hundred and thirty-two.

SEC. 2. The public good requiring the speedy enactment of this bill the passage of the same is hereby expedited in accordance with section two of "An Act prescribing the order of procedure by the Commission in the enactment of laws," passed September twenty-sixth, nineteen hundred.

SEC. 3. This Act shall take effect on August tenth, nineteen hundred and seven: Provided, That the distribution of funds in the municipal treasury of Baliuag, resulting from the separation from Baliuag of the former municipality of San Rafael, shall be made as of the date of the passage of this Act.

Enacted, March 21, 1907.

[No. 1620.]

AN ACT Amending Act Numbered Fourteen hundred and ninety-three, entitled "An Act to encourage economy and saving among the people of the Philippine Islands, and to that end to provide for the establishment of postal savings banks and their administration through the organization of a postal savings bank division in the Bureau of Posts, and for other purposes."

By authority of the United States, be it enacted by the Philippine Commission, that:

SECTION 1. Section eighteen of an Act Numbered Fourteen hundred. and ninety-three is hereby amended by adding at the end of paragrap (b) the words "unless otherwise provided by this Act," and by adding at the end of the section the following additional paragraphs:

5. (a) Upon first mortgage or deed of trust to the bank of

improved and unencumbered city real estate, with a title registered in accordance with the Land Registration Act, situated in the cities of Manila, Cebu, Iloilo, and Zamboanga: Provided, however, That no investment shall be made upon a mortgage or deed of trust of any parcel of such property without the approval of four-fifths of the members of the investment board, nor in amount in excess of forty per centum of the assessed value of such property, nor in amount in excess of five per centum of the total amount of deposits in the bank, nor in amount in excess of fifty thousand pesos on any one piece of property, nor for a longer time than three years: And provided further, That the investments upon such mortgages and deeds of trust shall not exceed in the aggregate twenty-five per centum of the total deposits in the bank.

"(b) Upon first mortgage or deed of trust to the bank of actually cultivated, improved, and unencumbered agricultural lands in the Philippine Islands with a title registered in accordance with the Land Registration Act: Provided, however, That no investment shall be made upon a mortgage or deed of trust of any parcel of such land without the approval of all members of the investment board, nor in amount in excess of twenty per centum of the assessed value of such land, nor in amount in excess of ten thousand pesos on any one piece of property, nor for a longer time than five years: And provided further, That investments upon such mortgages or deeds of trust shall not exceed in the aggregate ten per centum of the total deposits in the bank.

"Real estate acquired by the foreclosure of a mortgage or deed of trust thereon shall be vested in the name of the Postal Savings Bank and shall be sold by the investment board as soon as a price can be obtained therefor sufficient to pay the amount of the mortgage or deed of trust, interest, charges, insurance, and other expenses chargeable against the property, and within three years after the same is vested in the bank unless such time shall be extended by the GovernorGeneral. The chairman of the investment board, by direction of the board, shall execute all necessary papers for the sale and transfer of such real estate. The Director of Lands shall, under direction of the investment board, undertake the management of any property title to which may vest in the bank by operation of this law and shall render to the board all reports for which it may call.

"The board shall be charged with the duty of verifying the reasonableness of the assessed value of all land upon which money is loaned under the provisions of this Act.

"6. In any securities the principal or interest of which is guaranteed by the Government of the United States or of the Philippine Islands.

"7. In loans on any securities the principal or interest of which is guaranteed by the Government of the United States or of the Philippine Islands: Provided, That such loans shall not exceed eighty per centum of the market value of such securities and that no loans shall be made on such securities for a period longer than one year." SEC. 2. The public good requiring the speedy enactment of this bill, the passage of the same is hereby expedited in accordance with section two of "An Act prescribing the order of procedure by the

Commission in the enactment of laws," passed September twentysixth, nineteen hundred.

SEC. 3. This Act shall take effect on its passage.
Enacted, March 22, 1907.

[No. 1621.]

AN ACT To amend section forty-seven of Act Numbered One hundred and eightythree, entitled “An Act to incorporate the city of Manila," by providing that the annual tax on the assessed value of real estate in the city of Manila for the year nineteen hundred and seven shall be one and one-half per centum thereof.

By authority of the United States, be it enacted by the Philippine Commission, that:

SECTION 1. Section forty-seven of Act Numbered One hundred and eighty-three, entitled "An Act to incorporate the city of Manila," is hereby amended by providing that the annual tax on the assessed value of all real estate in the city of Manila subject to taxation shall be, for the year nineteen hundred and seven, one and onehalf per centum thereof instead of two per centum thereof as now provided by said section. The requirement of said section that one per centum of the assessed value of all such real estate shall be payable on or before the first day of July, nineteen hundred and seven, shall not be affected by the provisions of this Act. The remaining one-half per centum shall be payable on or before the thirty-first day of December, nineteen hundred and seven.

SEC. 2. The public good requiring the speedy enactment of this bill, the passage of the same is hereby expedited in accordance with section two of "An Act prescribing the order of procedure by the Commission in the enactment of laws," passed September twenty-sixth, nineteen hundred.

SEC. 3. This Act shall take effect on its passage.
Enacted, March 27, 1907.

[No. 1622.]

AN ACT Providing for the cancellation, under certain conditions, of the unpaid balances remaining on loans made by the Insular Government to the provinces of Capiz, Batangas, Iloilo, and Romblon.

By authority of the United States, be it enacted by the Philippine Commission, that:

SECTION 1. The unpaid balance of fifty-five thousand pesos, owing from the Province of Capiz to the Government of the Philippine Islands, on the loans made to said province under Acts Numbered One hundred and thirty-four and One hundred and ninety-six, is hereby canceled, on condition that the government of said province shall provide and pay into the provincial school fund of Capiz, to be expended only for the purposes hereinafter set forth, an amount at least equal to the indebtedness hereby canceled, of which at least sixteen thousand pesos shall be made available for expenditure in accordance with the terms of this Act on or before the first day of May, nineteen hundred and seven, and of which at least eight thou

sand pesos shall be made available on or before the first day of June. of each year thereafter until the entire sum of fifty-five thousand pesos shall have been provided and paid into the said provincial school fund, as herein prescribed.

SEC. 2. The unpaid balance of fifty-one thousand six hundred and sixty-four pesos and forty-seven centavos owing from the Province of Batangas to the Government of the Philippine Islands on the loans made to said province under Acts Numbered Four hundred and seventy, Six hundred and ninety-eight, Seven hundred and ninetythree, One thousand and eighty-five, and Eleven hundred and sixtysix, is hereby canceled, on condition that the government of said province shall provide and pay into the provincial school fund of Batangas, to be expended only for the purposes hereinafter set forth, an amount at least equal to the indebtedness hereby canceled, of which at least five thousand one hundred and sixty-six pesos and forty-four centavos shall be made available for expenditure in accordance with the terms of this Act on or before the first day of July, nineteen hundred and seven, and of which a sum at least equal to the above shall be made available on or before the first day of June of each year thereafter until the entire amount of fifty-one thousand six hundred and sixty-four pesos and forty-seven centavos shall have been provided and paid into said school fund, as herein prescribed.

SEC. 3. The unpaid balance of fifty thousand pesos owing from the Province of Iloilo to the Government of the Philippine Islands, on the loan made to said province under Act Numbered One hundred and ninety-six, is hereby canceled, on condition that the government of said province shall provide and pay into the provincial school fund of Iloilo, to be expended only for the purposes hereinafter set forth, an amount at least equal to the indebtedness hereby canceled, of which at least eight thousand three hundred and thirty-three pesos and thirty-three centavos shall be made available for expenditure in accordance with the terms of this Act on or before the thirtieth day of November, nineteen hundred and seven, and of which a sum at least equal to the above shall be made available on or before the thirtieth day of November of each year thereafter, until the entire amount of fifty thousand pesos shall have been provided and paid into said school fund, as herein prescribed.

SEC. 4. The unpaid balance of six thousand pesos, owing from the Province of Romblon to the Government of the Philippine Islands on the loan made to said province under Act Numbered One thousand and seventy-six, is hereby canceled, on condition that the government of said province shall provide and pay into the provincial school fund of Romblon, to be expended only for the purposes hereinafter set forth, an amount at least equal to the indebtedness hereby canceled, of which at least one thousand pesos shall be made available for expenditure in accordance with the terms of this Act on or before the thirtieth day of June, nineteen hundred and seven, and of which a sum at least equal to the above shall be made available on or before the thirtieth day of June of each year thereafter, until the entire sum of six thousand pesos shall have been provided and paid into said school fund, as herein prescribed.

SEC. 5. The several installments of the funds provided for in sections one, two, three, and four hereof, as they become due and avail

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able, shall be paid into the Insular Treasury as special deposits to be added to the special provincial school fund of the province concerned and shall constitute with it, in the case of each province, one total fund under the control of the Secretary of Public Instruction, to be expended for no other purpose than the purchase of land and the purchase and construction of buildings for intermediate and high school instruction, including instruction in industrial work, manual training, agriculture, and the arts and sciences, for the remodeling and repair of such buildings and for the remodeling of other intermediate school buildings, and for the purchase of permanent equipment, tools, machinery, and implements not constituting current expendible supplies, for use in connection with said buildings.

SEC. 6. The special provincial school funds created by this Act, together with any other moneys subscribed, appropriated, or otherwise lawfully added to the sums provided by this Act by any province, municipality, or person for any or all of said purposes, shall be disbursed by the treasurer of the province to which any such fund pertains, upon vouchers approved by the Director of Education, or the Director of Public Works, or by both of them, as the Secretary of Public Instruction may direct.

SEC. 7. In case the Province of Capiz, the Province of Batangas, the Province of Iloilo, or the Province of Romblon, as the case may be, shall fail to make the special deposits in the Insular Treasury on or before the respective dates prescribed by this Act, then the Insular Auditor shall make the proper and corresponding deduction from any funds which may be due the defaulting province, and shall deposit the amounts so deducted in the Insular Treasury to the credit of the special provincial school fund to which they belong.

SEC. 8. The public good requiring the speedy enactment of this bill, the passage of the same is hereby expedited in accordance with section two of "An Act prescribing the order of procedure by the Commission in the enactment of laws," passed September twenty-sixth, nineteen hundred.

SEC. 9. This Act shall take effect on its passage.
Enacted, March 27, 1907.

[No. 1623.]

AN ACT Increasing the number of municipalities in the Province of Tarlac from ten, as established by Act Numbered Fifteen hundred and fifty-five, to eleven, and separating from the municipality of Paniqui the barrios of San Roman, Legaspi, San Agustin and Salcedo, and annexing them to the municipality of Moncada.

By authority of the United States, be it enacted by the Philippine Commission, that:

SECTION 1. The ten municipalities of the Province of Tarlac, as established by Act Numbered Fifteen hundred and fifty-five, shall, in accordance with the provisions of this Act, be increased to eleven, by separating from the municipality of Pura the former municipality of Gerona, which is hereby reconstituted and shall consist of the territory of which it was constituted prior to the passage of Act Numbered Nine hundred and thirty, as amended by Act Numbered Nine hundred and seventy-six. The location of the seat of the

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