Section 1
SECTION 1. The Treasurer of the Philippines is hereby authorized, upon the order of the Secretary of Finance and with the approval of the President of the Philippines, to loan to the Manila Railroad Company a sum not exceeding thirteen million three hundred fifty thousand pesos to bear interest at the rate of two per centum per annum payable semiannually, for the purpose of purchasing; or redeeming, before maturity, certain outstanding Manila Railroad Company First Mortgage Southern Lines Four Per Cent Gold S Bonds due May first, nineteen hundred and thirty-nine: Provided, That the price at which said bonds shall be acquired shall not exceed eighty per centum of their par value.