Section 15–16 · 2 provisions
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails.・Read the official text ↗
SEC. 15. Capitalization.-To raise the necessary funds to carry out the provisions of this Act and the purposes of the corporation, there shall be levied on the annual sugar production a tax of ten centavos per picul of sugar to be collected for a period of five years beginning the crop year 1951-1952. The amount shall be borne by the sugar cane planters and the sugar centrals in the proportion of their corresponding milling share, and said levy shall constitute a lien on their sugar quedans and/or warehouse receipts.
SEC. 16. Special Fund.-The proceeds of the foregoing levy shall be set aside to constitute a special fund to be known as the "Sugar Research and Stabilization Fund," which shall be available exclusively for the use of the corporation. All the income and receipts derived from the special fund herein created shall accrue to, and form part of, the said fund to be available solely for the use of the corporation.
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
