CA 459 Section 9

Section 9

SEC. 9. Applications for agricultural and industrial loans shall be made in writing and under oath. Said applications shall contain, among other things: (a) A detailed description of the real estate or as sets of the industrial establishment; (b) An appraisal of the real estate or assets of the industrial establishment at their reasonable market value; (c) A full statement of the purposes for which the loan is desired. It shall be unlawful to use the proceeds of the said loans, or any part thereof, for any purpose or purposes except those set out in said applications. In addition to the corresponding criminal liability, any violaton of this clause shall be suffcient cause for the rescission of the contract and the foreclosure of the mortgage. TRANSFER OF THE FUNCTIONS OF THE NATIONAL INVESTMENT BOARD

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

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