REPUBLIC ACT No. 423
AN ACT TO AMEND SECTIONS ONE, TWO AND SEVEN OF REPUBLIC ACT NUMBERED THREE HUNDRED THIRTY
Section 1. Section one of Republic Act Numbered Three hundred thirty is amended to read as follows:
"Sec. 1. There is hereby created an Import Control Board to be composed of the Secretary of Commerce and Industry, as chairman, and four members one of whom shall be chosen from the different Chambers of Commerce in the Philippines, and another from the laborers or consumers to be appointed by the President with the consent of the Commission on Appointments."
Section 2. Section two of the same Act is amended to read as follows:
"Sec. 2. In order to balance the foreign trade, to conserve the international dollar reserves of the country, to promote and to develop domestic industries, the President, upon recommendation of the Import Control Board, shall fix and allocate quotas of the quantity which may be imported within a certain period of time of each kind or class of nonessential and luxury...
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Republic Acts
AN ACT TO AMEND SECTIONS ONE
Republic Act No. 423
Summary of Republic Act No. 423
Import Control Board
- An Import Control Board is created, composed of:
- Secretary of Commerce and Industry as chairman (Section 1)
- Four members, one from different Chambers of Commerce in the Philippines, and one from laborers or consumers, appointed by the President with consent of the Commission on Appointments (Section 1)
Regulation of Imports
- The President, upon recommendation of the Import Control Board, shall:
- Fix and allocate quotas for the quantity of nonessential and luxury imports that may be imported within a certain period (Section 2)
- This is done to balance foreign trade, conserve international dollar reserves, and promote and develop domestic industries (Section 2)
Termination of Authority
- The authority granted to the President to regulate imports by quota, license, or permit shall terminate on April 30, 1950 (Section 3)
Effectivity
- This Act and the rules and regulations promulgated under Republic Act No. 330 shall take effect on December 31, 1949 (Section 4)
Import Control Board
- An Import Control Board is created, composed of:
- Secretary of Commerce and Industry as chairman (Section 1)
- Four members, one from different Chambers of Commerce in the Philippines, and one from laborers or consumers, appointed by the President with consent of the Commission on Appointments (Section 1)
Regulation of Imports
- The President, upon recommendation of the Import Control Board, shall:
- Fix and allocate quotas for the quantity of nonessential and luxury imports that may be imported within a certain period (Section 2)
- This is done to balance foreign trade, conserve international dollar reserves, and promote and develop domestic industries (Section 2)
Termination of Authority
- The authority granted to the President to regulate imports by quota, license, or permit shall terminate on April 30, 1950 (Section 3)
Effectivity
- This Act and the rules and regulations promulgated under Republic Act No. 330 shall take effect on December 31, 1949 (Section 4)