Section 2
SEC. 2. A Loan Board is hereby created which shall be composed of the Secretary of Finance, who shall be its chairman, and of the following members: the Insular Treasurer, the Chief of the Executive Bureau, the Director of Public Works, and a member who shall be designated by the Governor-General, with the advice and consent of the Senate. This Board shall manage the fund hereby created and shall establish rules and conditions for the granting of said loans: Provided, however, That no loan shall be granted for a period in excess of ten years in any case: Provided, further, That in no case shall any loan be granted in excess of one hundred and fifty thousand pesos to a province and of fifty thousand pesos to a municipality or chartered city: Provided, also, That no loan from this fund nor interest on such loan shall be remitted under any consideration: And provided, finally, That no loan shall be granted unless the province, municipality, or city concerned shall first have demonstrated its capacity to repay the same within the time stipulated for such payment.