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Act No. 2577 Section 5

Act No. 2577 Section 5

Section 5

SEC. 5. Section eight of said Act Numbered Twenty-four hundred and seventy-nine is hereby amended to read as follows: "SEC. 8. Whenever the Insular Treasurer invests funds in accordance with this Act, the sums invested shall draw interest at the rate of at least five per centum per annum. The interest shall be paid annually, together with the proportion of the principal due; but the first two payments may be made on the first day of July of the year next following the one in which the central began operation: Provided, That with the approval of the Governor-General, all interest accruing on loans made or bonds purchased shall be available for re-investment for the purposes of this Act, any provision of law to the contrary notwithstanding. "Any provision of this Act to the contrary notwithstanding, the Insular Treasurer may at any time receive payment of all or part of the indebtedness to the Government, and in case any payment is made, a proportional reduction shall be made in the interest."

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Other provisions in Act No. 2577

Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗ · Data as of July 4, 2026

CitationAct No. 2577 Section 5 (LawPlayer, data as of July 4, 2026)

Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).

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