OFFICE OF THE CHAIRMAN OF THE
EXECUTIVE COMMISSION
MALACAÑAN PALACE
BY THE CHAIRMAN OF THE EXECUTIVE
COMMISSION
EXECUTIVE ORDER NO. 111
EXTENDING THE CORPORATE EXISTENCE OF THE BANK OF THE
PHILIPPINE ISLANDS AND PRESCRIBING THE MANNER OF THE REDEMPTION OF ITS
OUTSTANDING CIRCULATING NOTES.
Pursuant to the authority conferred upon me as Head
of the Central Administrative Organization by Order No. 1 in connection with
Order No. 3 of the Commander-in-Chief of the Imperial Japanese Forces in the
Philippines, and upon the recommendation of the Executive Commission, it is
hereby ordered that—
1. The corporate existence of the Bank of the
Philippine Islands, a banking corporation now existing: under and by virtue of
Act No. 1790, as amended by Acts Nos. 2132, 3330, and 3738, is hereby extended
for a period of one year from January 1, 1943.
2. The Bank of the Philippine Islands shall deposit
with the National Treasurer in lawful money of the Philippines the sum of
₱100,000 on January 1, 1943, and the sum of ₱800,000 on January 1, 1944, which
sums shall be held by the National Treasurer to the credit of a special fund to
be denominated “Notes of the Bank of the Philippine Islands Redemption Fund” and
shall be available exclusively for the redemption of the said notes: Provided, That
if within the one year extension period of the corporate existence of the Bank
of the Philippine Islands above provided, a new corporation shall have been
organized and authorized to do banking business in accordance with the existing
laws, and such new corporation shall acquire all the assets and assume all the
obligations, including the liability on account of circulating notes, of the
presently existing Bank of the Philippine Islands, the required deposit of
₱800,000 on January 1, 1944, shall be waived and in its stead the new bank shall
be required to deposit with the National Treasurer the following amounts on the
dates indicated:
|
January 1, 1944 |
₱100,000.00 |
|
January 1, 1945 |
200,000.00 |
|
January 1, 1946 |
200,000.00 |
|
January 1, 1947 |
300,000.00 |
Done in the City of Manila, Philippines, this 14th
day of December, 1942.
(Sgd.) JORGE B. VARGAS
Chairman
of the Executive Commission
Approved by the Director General of the Japanese
Military Administration on December 14, 1942.