Republic of the Philippines
REPUBLIC ACT NO. 1373
AN ACT AUTHORIZING THE PHILIPPINE SPORTSWRITERS ASSOCIATION TO HOLD ONE BENEFIT BOXING SHOW EVERY YEAR, THE NET PROCEEDS OF WHICH SHALL CONSTITUTE A TRUST FUND FOR THE BENEFIT OR DISABLED FILIPINO-BOXERS
SECTION 1. The Philippine Sportswriters Associations is authorized to hold one benefit boxing show every year, the net proceeds of which should be for the benefit of disabled Filipino boxers.
The benefit boxing show promoted by the Philippine Sportswriters Association pursuant to the provisions of the Act shall be exempt from due taxes.
SECTION 2. The net proceeds of the benefit boxing shows shall constitute a trust fund to be known as the “Disabled Filipino Boxers Trust Fund” and shall be administered by a Board of Trustee, composed of the Chairman of the Games and Amusements Board, as chairman and a representative of the Philippine Sportswriters Associations and of the Philippine Boxing Association, as members.
SECTION 3. Subject to such rules and regulations as the Board of Trustees may from time to time promulgate, the trust fund shall be available for the benefit of poor and deserving disabled Filipino boxers.
SECTION 4. This Act shall take effective upon its approval.
Approved, June 18, 1955.