AN ACT TO PROVIDE FOR THE CIRCULATION OF TREASURY
CERTIFICATES WITH THE OFFICIAL SEAL OF THE REPUBLIC OF THE PHILIPPINES
STAMPED, PRINTED OR SUPERIMPOSED THEREON, AND FOR OTHER PURPOSES
Section 1. The Reserve
Vault Committee provided for in Sec. sixteen hundred twenty-five (e) of the
Revised Administrative Code is hereby authorized and directed to cause the
official seal of the Republic of the Philippines to be stamped, printed or
superimposed on all the un-issued treasury certificates in its possession
and on all treasury certificates that will hereafter come into its
possession, and shall not issue or cause to be issued any treasury
certificate that has not previously been so stamped, printed or superimposed
with the official seal of the Republic of the Philippines. The Reserve Vault
Committee shall determine the manner of affecting the above purpose.
Sec. 2. The Treasurer of
the Philippines, as well as the treasurers of the provinces, chartered
cities and municipalities and also all banks duly authorized to do business
in the Philippines are hereby directed to deliver or present all treasury
certificates in their possession which have not been previously marked as
above provided to the Committee for exchange with treasury certificates that
have been so previously marked.
Sec. 3. Every person
holding or possessing, in whatever capacity, treasury certificates not duly
marked as above provided, shall present the same on or before November
thirtieth, nineteen hundred and forty-six, for exchange with treasury
certificates that have been duly marked as herein provided, to the Treasurer
of the Philippines, to the treasurer of any province, chartered city, or
municipality, or to any bank duly authorized to do business in the
Philippines.
Sec. 4. It shall be the
duty of the Treasurer of the Philippines, the treasurer of any province,
chartered city, or municipality, and the cashier and tellers of any bank
doing business in the Philippines, upon presentation by any person of
treasury certificates that have not been marked with the official seal of
the Republic of the Philippines, to exchange such treasury certificates with
those that have been previously marked that are in his possession at the
time the presentation is made.
Sec. 5. On December
first, nineteen hundred and forty-six, the Treasurer of the Philippines, the
treasurers of the provinces, chartered cities and municipalities, and all
banks doing business in the Philippines shall make a list of all treasury
certificates in their possession that have not been duly marked with the
official seal of the Republic of the Philippines, showing the denominations
thereof, series, number and amount, and transmit the said list in a sealed
envelope to the Committee. The respective treasurers and banks shall, within
the month of December nineteen hundred and forty-six, present the treasury
certificates appearing in the said list to the Committee for exchange with
treasury certificates that have been duly marked with the official seal of
the Republic of the Philippines.
Sec. 6. Treasury
certificates not marked as hereinabove provided shall, after November
thirtieth, nineteen hundred and forty-six, not be legal tender for the
purposes of Sec. sixteen hundred and twelve of the Revised Administrative
Code.
Sec. 7. The President of
the Philippines is hereby authorized to extend the periods provided for in
Sec.s three, five, and six of this Act for periods of one month in each
case, but in no case to exceed a total of three months, if in his opinion,
public interest warrants such extension.
Sec. 8. This Act shall
be published not only in the Official Gazette but also in newspapers of
general circulation to be determined by the Secretary of Finance. It shall
be the duty of the treasurers of provinces, cities and municipalities to
post and keep posted copies of this Act and in conspicuous places in the
buildings where they have their offices during the period fixed herein for
the presentation of treasury certificates for exchange.
Sec. 9. This Act shall
take effect upon its approval.
Approved: September 25, 1946