Act No. 2947

 

 

AN ACT

TO AMEND SECTION THREE OF ACT NUMBERED TWENTY-EIGHT HUNDRED AND THIRTY-ONE, AS AMENDED BY ACT NUMBERED TWENTY-EIGHT HUNDRED AND EIGHTY-THREE, PERMITTING THE BOHOL ELECTRIC LIGHT COMPANY TO INCREASE ITS CAPITAL STOCK

 

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.  Section three of Act Numbered Twenty-eight hundred and thirty-one, as amended by Act Numbered Twenty-eight hundred and eighty-three, is hereby further amended to read as follows:

 

“SEC. 3.  The capital of said corporation shall be two hundred thousand pesos, Philippine currency, divided into eight thousand shares of stock having a par value of twenty-five pesos each, and no stock of said corporation shall be issued at less than par nor except for cash.

 

“Shares of stock subscribed on or before December thirty-nineteen hundred and twenty, shall be paid as follows:  Twenty-five per cent of the value at the time of the subscription; twenty-five per cent of the value on or before August thirty-first, nineteen hundred and twenty; twenty-five per cent of the value on or before October thirty-first, nineteen hundred and twenty; and twenty-five per cent of the value on or before December thirty-first, nineteen hundred and twenty.  Shares subscribed after December thirty-first, nineteen hundred and twenty, shall be paid in the form and manner prescribed by the board of directors:  Provided, That said corporation is hereby authorized to increase its capital to the sum of four hundred thousand pesos in case such increase should be necessary or advisable for carrying out the purposes for which it has been created, subject to the provisions of the Corporation Law and Act Numbered Twenty-three hundred and seven and its amendments.”

 

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

 

Approved, February 16, 1921

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