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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. 581 - AN
ACT TO AMEND REPUBLIC ACT NUMBERED FIVE HUNDRED FORTY-ONE BY
INCORPORATING A NEW SECTION, TO BE KNOWN AS SECTION FOUR-A, AND TO
AMEND SECTION EIGHT THEREOF |
Section 1.
Republic Act Numbered Five hundred forty-one is hereby amended by
inserting between sections four and five a new section, to be known as
section four-A, which shall read as follows: "Sec. 4-A. General Powers of the Pension Board. — For the purposes of this Act, the board shall have the powers and privileges of a corporation, and as such may sue and be sued. "The Board shall also have the power to adopt rules and regulations for the administration of the pension fund and the transaction of its business with the approval of the Secretary of the Interior; to adopt from time to time its budget, expenditures, including salaries of its personnel and to appropriate annually from its fund such amount as may be necessary to meet the same; to prescribe the form of application for pension to be issued to members of the Police and Fire Departments who are entitled to retire under this Act. "No member of the board shall directly or indirectly take part in any investigation, deliberation or proceeding when such member is an interested party or when his application for pension is under consideration by the board, except in connection with his application for loan from the pension fund. "The board shall also have the power to invest directly or through a banking institution authorized by law to engage in business in the Philippines, upon such terms and conditions as may be agreed upon between them, such portions of the fund or money as shall not be required to meet the current payment in the form of life pensions, death claims or otherwise and expenses incidental to the carrying out of this Act in any or all of the following ways and no other: "(1) In interest-bearing bonds or securities of the Government of the United States or of the Philippines, or bonds or securities of said countries for the payment of the interest and principal of which the faith and credit of said countries are pledged. "(2) In interest-bearing deposits in any bank doing business in the United States or in the Philippines, having an unimpaired paid up capital and surplus equivalent to one million five hundred thousand pesos or over: Provided, That said bank shall have been designated as a depository for this purpose by the President, upon recommendation of the Secretary of the Interior. "(3) In loans to members of the Police and Fire Departments who are entitled to the benefits of this Act and other permanent City employees with sufficient securities: Provided, That no loan shall be granted in excess of one month's salary payable within one year from the date the same is contracted. "(4) And, generally, in such other loans or securities as may be approved by the Insurance Commissioner. The board shall also have the power to receive donations, gifts, legacies or bequests of individuals, corporations, associations, or any and all kinds of organization." Sec. 2. Section eight of Republic Act Numbered
Five hundred forty-one is hereby amended to read as follows: Sec. 3. This Act shall take effect upon its
approval. Approved: September 15, 1950 |
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