By authority of the United States, be it enacted by the Philippine Commission, that:
Section 1. Whenever the assessment provided for by Act Numbered Fourteen hundred and fifty-five, as amended, and Act Numbered Sixteen hundred and sixty-four, is completed, the provincial boards of all provinces contemplated in section one of Act Numbered Fifteen hundred and seventy-nine shall certify to the Executive Secretary the total assessed valuation of the taxable real property in such provinces as shown by the total assessed valuation of each of the municipalities therein. If the Executive Secretary deems the valuations thus certified to be correct he shall approve the same and forward them to the Insular Auditor. The Insular Auditor is hereby directed to ascertain and determine the amount which would be equal to fifty per centum of the maximum tax collectible at the maximum rate in such provinces and in each of the municipalities therein, basing his calculation upon the assessed valuation as certified and approved in accordance with the requirements of this Act. From the sum thus ascertained and determined the Auditor shall then deduct the total credits received by such provinces and municipalities under sections three and four of Act Numbered Fifteen hundred and seventy-nine, and shall thereupon cause to be deposited to the credit of such provinces a sum equal to the remainder as above determined. For the purpose of enabling such deposit to be made an appropriation of such sum as may be necessary is hereby made out of any funds in the Insular Treasury not otherwise appropriated. If it should be found that any municipality has already received in credits under sections three and four of Act Numbered Fifteen hundred and seventy-nine, an amount in excess of its due share of the fifty per centum as determined by the Auditor under the provisions of this Act, he is hereby authorized and required to make the necessary adjustments and, to this end, to withhold and charge back the amount of such excess. Two-sevenths of the total amount as above determined by the Auditor to be due to such provinces and municipalities shall accrue to the “Provincial road and bridge fund,” and four-sevenths shall be divided among the municipalities of the provinces in such proportion as the total assessed valuation of the taxable real property of each municipality bears to the total assessed valuation of the taxable real property of the province of which such municipality forms a part. The sums found and determined to be due to such municipalities shall be equally divided between the “Municipal general fund” and the “Municipal school fund.”
Section 2. Section two of Act Numbered Fifteen hundred and seventy-nine is hereby repealed.
Section 3. The public good requiring the speedy enactment of this bill, the passage of the same is hereby expedited in accordance with section two of “An Act prescribing the order of procedure by the Commission in the enactment of laws,” passed September twenty-sixth, nineteen hundred.
Section 4. This Act shall take effect on its passage.