Republic Act No. 1867

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

WHEREAS, by Republic Act Numbered Four hundred seventy, entitled "An Act to authorize the Manila Railroad Company to incur an indebtedness of forty-five million pesos for the rehabilitation, restoration and extension of its lines," approved June nine, nineteen hundred and fifty, Congress has authorized the Manila Railroad Company to extend its lines from San Jose, Nueva Ecija, to Aparri, Cagayan;

WHEREAS, the Manila Railroad Company is not in a financial position to undertake the extension of its lines to Cagayan Valley nor is it able to obtain sufficient loans under said Act; and

WHEREAS, it has been a declared policy of the Government that the Manila Railroad Company extend its lines to the Cagayan Valley within a period of five years; Now, therefore:

Section 1

The sum of six million pesos is hereby appropriated annually for a period of five years, beginning with the fiscal year nineteen hundred and fifty-seven — nineteen hundred and fifty-eight, out of any funds in the National Treasury not otherwise appropriated, for the extension by the Manila Railroad company of its lines from the Municipality of San Jose, Nueva Ecija, to the Municipality of Tuguegarao, Province of Cagayan.

Section 2

The amount made available for expenditure for each fiscal year under the provisions of this Act shall be converted into subscription by the Government in the capital stock of the Manila Railroad Company.

Section 3

To enable it to carry out the objectives of this Act and to meet its requirements, the Manila Railroad Company is hereby authorized to receive an annual allocation of twelve million pesos of reparations from Japan for a period of four years from the date of approval of this Act.

Section 4

This Act shall take effect upon its approval.

Approved: June 22, 1957.