APPENDIX  B,  No.  2
AN  ACT  AUTHORIZING  THE  POSTAL  SAVINGS
BANK  INVESTMENT  BOARD  TO  MAKE  LOANS  FROM
FUNDS  AVAILABLE  FOR  INVESTMENT  TO  PROVINCES
OF  THE  PHILIPPINE  ISLANDS,  UNDER  GUARANTEE
OF  THE  INSULAR  GOVERNMENT.
By  authority  of  the  United  States,  he  it  enacted
hy  the  Philippine  Commission,  that:
Section  1.  The  Postal  Savings  Bank  Investment ­
  Board  created  by  section  eighteen  of  Act
Numbered  Fourteen  hundred  and  ninety-three,
entitled  “An  Act  to  encourage  economy  and  saving ­
  among  the  people  of  the  Philippine  Islands,
and  to  that  end  to  provide  for  the  establishment
of  postal  savings  banks  and  their  administration
through  the  organization  of  a  Postal  Savings
Bank  Division  in  the  Bureau  of  Posts,  and  for
other  purposes,”  is  hereby  authorized  to  make
loans  from  the  funds  under  its  control  available
for  investment  to  provinces  of  the  Philippine
Islands,  under  guarantee  of  the  Insular  Government ­
  first  had  that  the  loan  and  interest  thereon
will  be  paid.
Sec.  2.  Before  making  any  such  loan  the
Postal  Savings  Bank  Investment  Board  shall
require  a  resolution  of  the  provincial  board  of
the  province  to  which  the  loan  is  to  be  made,  requesting ­
  the  loan,  stating  that  the  same  will  be
used  solely  for  certain  public  improvements
specified  therin,  agreeing  to  repay  the  amount
loaned  within  a  certain  period  with  interest  at  a
rate  to  be  stated  in  said  resolution,  and  requesting
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