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People Of The Phil. Islands Vs. Vanancio Concepcion 043 Phil 653

THE PEOPLE OF THE PHILIPPINE ISLANDS, plaintiff-appellee, vs. VANANCIO CONCEPCION, defendant-appellant.

G.R. No. 18535 | 1922-08-15

D E C I S I O N


STATEMENT

February 4, 1916, the Legislature of the Philippine Islands passed Act No. 2612, known as the charter of the Philippine National Bank, under which it was organized with plenary powers and a capital stock of P20,000,000 divided into 200,000 shares of the par value of P100 each, 101,000 of which to be subscribed, owned and held by the Government, and the remainder by private persons.

Section 37 provides:

"The National Bank shall never at any time, under any circumstances, directly or indirectly grant to any individual, company of individuals, firm, corporation, Insular, provincial or municipal government any...