AN ACT TO PROVIDE FOR THE RETIREMENT OF TREASURY
CERTIFICATES OF PRE-WAR SERIES AND FOR OTHER PURPOSES
Section 1. The treasurers of the provinces, chartered
cities, and municipalities, and all banks duly authorized to do business in
the Philippines, are hereby directed to deliver or present all treasury
certificates of the pre-war series in their possession and those that may
hereafter come into their possession, to the Treasury of the Philippines for
exchange with treasury certificates of the
Victory series.
Sec. 2. Every person holding or possessing, in whatever
capacity, treasury certificates of the pre-war series, shall present the
same on or before the thirtieth day of June, nineteen hundred and
forty-eight, for exchange with treasury certificates of the
Victory series,
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. 3. 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 of the pre-war
series, to exchange the same with treasury certificates of the
Victory
series, and the treasury certificates so exchanged shall not again be put
into circulation but forwarded to the Treasurer of the Philippines as
provided in section one hereof.
Sec. 4. Within the first five days of July, nineteen
hundred and forty-eight, 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 of the pre-war series in their
possession as of the thirtieth day of June, nineteen hundred and forty-eight
showing the denominations thereof, number of pieces of each, and total
amount, and shall transmit the said list in a sealed envelope to the
Treasurer of the Philippines. The respective treasurers and banks shall,
within the month of July, nineteen hundred and forty-eight, present the
treasury certificates appearing in the said list to the Treasurer of the
Philippines for exchange with treasury certificates of the
Victory series,
and thereafter the Treasurer of the Philippines shall report to the
Secretary of Finance to the total amount of the treasury certificates of the
pre-war series that have been retired.
Sec. 5. Treasury certificates of the
Victory series
shall continue in circulation as heretofore. Treasury certificates of the
pre-war series shall, after the thirtieth day of June, nineteen hundred and
forty-eight, not be legal tender for the purposes of section sixteen hundred
and twelve of the Revised Administrative Code.
Sec. 6. The President of the Philippines is hereby
authorized to extend the periods provided for in sections two, four and five
of this Act, for periods of not more than three months in each case, but in
no case beyond December thirty-first nineteen hundred and forty-eight, if in
his opinion, public interest warrants such extension.
Sec. 7. 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 in conspicuous places in the buildings where they have
their offices during the period fixed herein for the presentation of
treasury certificates of the pre-war series for exchange.
Sec. 8. Republic Act Numbered Seventeen, as amended, is
hereby repealed.
Sec. 9. This Act shall take effect upon its approval.
Approved: March 29, 1948