Section 1
SECTION 1. The provincial board of the Province of Batangas is hereby authorized to borrow, by resolution, from the Insular Government, the sum of ten thousand dollars, in money of the United States, or its equivalent in local currency at the authorized ratio, to be expended by the provincial hoard for the general purposes of the provincial government in accordance with the provisions of the Provincial Government Act. The sum thus appropriated shall be repaid to the Insular Treasury in three equal annual installments on the first days of January of the years nineteen hundred and four, nineteen hundred and five, and nineteen hundred and six, without interest. The amount of the loan shall be paid to the provincial treasurer upon receipt of the resolution of the provincial board, and shall be by him disbursed upon order of the provincial board as in other cases.