Section 1
Section 1. The sum of ten million pesos is appropriated proceeds of excise out of the proceeds of the coconut oil excise tax to constitute a revolving loan fund which, together with its Future accretions derived from its operating income shall chartered cities. be invested in loans to provinces, municipalities, and chartered cities for the construction of permanent public markets, slaughterhouses, and waterworks, including expenses for preliminary surveys and investigations, the acquisition of necessary sites or rights-of-way and the purchase of. water meters. The administration and investment of this fund shall be vested in the National Loan and Investment Board created investment under Commonwealth Act Numbered Seven.