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[ Act No. 3017, March 08, 1922 ]
AN ACT AUTHORIZING THE "MANILA .RAILROAD COMPANY" TO ABANDON ITS RAILROAD LINE BETWEEN THE MUNICIPALITIES OF NOVELETA AND CAVITE, PROVINCE OF CAVITE, AND FOR OTHER PURPOSES
Be it enacted by the Senate and House of Representatives of the Philippines in Legislature assembled, and by the authority of the same:
SECTION 1. The Manila Railroad Company is hereby authorized to abandon its railroad line between the municipalities of Noveleta and Cavite, Province of Cavite, and to dispose of the personal and real property belonging to said line in such form and subject to such conditions as the directors of the Manila Railroad Company and the trustee of the mortgage on said property may consider most advantageous for the interests of said company. The proceeds of the sale of said property in so far as the same is affected by the mortgage for the protection of the bondholders shall be applied in accordance with the provisions of the deed of mortgage.
SEC. 2. This Act shall take effect on its approval.
Approved, March 8, 1922.
SECTION 1. The Manila Railroad Company is hereby authorized to abandon its railroad line between the municipalities of Noveleta and Cavite, Province of Cavite, and to dispose of the personal and real property belonging to said line in such form and subject to such conditions as the directors of the Manila Railroad Company and the trustee of the mortgage on said property may consider most advantageous for the interests of said company. The proceeds of the sale of said property in so far as the same is affected by the mortgage for the protection of the bondholders shall be applied in accordance with the provisions of the deed of mortgage.
SEC. 2. This Act shall take effect on its approval.
Approved, March 8, 1922.