ChanRobles Virtual law Library
PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Republic Acts :
REPUBLIC ACTS
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REPUBLIC ACT NO. 401 - AN ACT TO
CONDONE ALL UNPAID INTERESTS ACCRUING FROM JANUARY FIRST NINETEEN
HUNDRED AND FORTY-TWO TO DECEMBER THIRTY-FIRST NINETEEN HUNDRED AND
FORTY-FIVE ON ALL OBLIGATIONS OUTSTANDING ON DECEMBER EIGHT, NINETEEN
HUNDRED AND FORTY-ONE, AND TO APPLY PAYMENTS OF INTERESTS PAID AFTER
FEBRUARY TWENTY-EIGHT, NINETEEN HUNDRED AND FORTY-FIVE, TO THE
PRINCIPAL OBLIGATION IF STILL OUTSTANDING, IN CERTAIN CASES |
(INOPERATIVE)
Section 1. Declaration of policy. — Rehabilitation of those who have suffered the ravages of war constitutes a prime concern of the Government. In order to afford opportunities to debtors of the Government or Government-owned or controlled corporations to rehabilitate themselves, and to enable them to pay their pre-war obligations under terms and conditions beneficial to them, it is the declared policy of the State that the condonation of interests contemplated herein be extended. Sec. 2. All unpaid interests in favor of the
Government or Government-owned or controlled corporations accruing from
the first day of January, nineteen hundred and forty-two to the
thirty-first day of December, nineteen hundred and forty-five, on all
debts and other obligations outstanding on the eighth day of December,
nineteen hundred and forty-one, shall not be demandable and are hereby
condoned in the following cases: Sec. 3. All interests paid on account of debts or other obligations outstanding on the eighth day of December, nineteen hundred and forty-one corresponding to the period from the first day of January, nineteen hundred and forty- two to the thirty-first day of December, nineteen hundred and forty-five, by the debtors mentioned in section one hereof, shall be applied in payment of the principal obligation, if same is still outstanding and if the payment is made from or after February twenty-eight, nineteen hundred and forty-five to the date of the effectivity of this Act. Sec. 4. This Act shall take effect fifteen days
after its publication in the Official Gazette. Approved: June 18, 1949 |
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