AN ACT AUTHORIZING THE RETIREMENT AND REDEMPTION OF THE
CIRCULATING NOTES LAWFULLY ISSUED BY THE PHILIPPINE NATIONAL BANK AND THE
REGISTRATION AND DEPOSIT OF SUCH NOTES ILLEGALLY ISSUED, APPROPRIATING FUNDS
THEREFOR
Section 1. All
Philippine National Bank circulating
notes legally issued and now outstanding, except those issued illegally by
the Japanese and listed hereunder and those which the Secretary of Finance
may, from time to time, certify upon investigation to have been illegally
issued or circulated, shall be presented for retirement and redemption to
the Treasury of the Philippines within one year after the approval of this
Act.
The Treasurer of the Philippines is hereby authorized
and directed within the period hereinabove provided to redeem
Philippine
National Bank notes other than those excepted in the preceding paragraph,
that may be presented to him for redemption by exchanging them with treasury
certificates.
There is hereby appropriated the sum of five million
pesos out of any funds in the Treasury of the Philippines, not otherwise
appropriated, for the redemption herein authorized of
Philippine National
Bank circulating notes legally issued.
PHILIPPINE NATIONAL BANK CIRCULATING NOTES
ILLEGALLY ISSUED BY THE JAPANESE MILITARY
AUTHORITIES NOT TO BE REDEEMED UNDER THIS ACT
Serial Number Amount
5-peso denomination
A 1735001-A 1775000 P200,000.00
A 1855001-A 1935000 400,000.00
A 2175001-A 2215000 200,000.00
B 164001 -B 360000 980,000.00
B 400001 -B 440000 200,000.00
B 520001 -B 1000000 2,400,000.00
E 4001 -E 208000 1,020,000.00
P5,400,000.00
==========
10-peso denomination
A 1226001-A 1260000 P340,000.00
E 4001 -E 102000 980,000.00
P1,320,000.00
==========
20-peso denomination
E 40001 -E 50000
P200,000.00
P200,000.00
=========
50-peso denomination
A 90201 -A 100000
P490,000.00
P490,000.00
==========
P7,410,000.00
==========
Sec. 2. After the expiration of one year from the
effectivity of this Act, all
Philippine National Bank circulating notes
whose redemption is hereby authorized and which have not been presented for
redemption shall have no value whatsoever.
Sec. 3. Any person holding or possessing in any
capacity whatsoever any
Philippine National Bank circulating note which
bears any of the serial numbers mentioned in section one of this Act or
which shall be certified to by the Secretary of Finance as having been
illegally issued, shall present them for registration and deposit to the
Treasurer of the Philippines or to any provincial, city or municipal
treasurer, within six months after the approval of this Act. It shall be the
duty of the Treasurer of the Philippines and of all provincial, city and
municipal treasurers to accept all such
Philippine National Bank circulating
notes illegally issued, to register and safely keep the same and to issue
therefor a certificate in such form as may be devised by the Treasurer of
the Philippines, stating the name and address of the person registering said
notes, the serial number thereof, their denomination, the amount of each
denomination, and the total amount.
The President of the Philippines may, by executive
order, grant such number of extensions of sixty days each as may be
necessary provided that the total extension does not exceed six months.
Sec. 4. The provincial, city and municipal treasurers
concerned shall forward to the Treasurer of the Philippines all
Philippine
National Bank circulating notes registered and deposited with them from time
to time, together with a list showing their serial numbers, denominations
and total amount. Within fifteen days from and after the lapse of the period
provided for the registration and deposit of such
Philippine National Bank
circulating notes, provincial, city and municipal treasurers shall prepare
and transmit to the Treasurer of the Philippines, in a sealed cover a list
of all such
Philippine National Bank circulating notes in their possession
as of the last day of the registration period, and within thirty days from
the date of the submittal of the list, they shall present to the Treasurer
of the Philippines all
Philippine National Bank circulating notes contained
in said lists. Thereafter, it shall be the duty of the Treasurer of the
Philippines to submit a report to the Secretary of Finance of the total
amount of each of the
Philippine National Bank circulating notes illegally
issued, registered and deposited as hereinbefore provided.
Sec. 5. All
Philippine National Bank circulating notes
illegally issued and/or certified as illegally issued not registered and
deposited as hereinbefore provided within the period authorized shall not
thereafter be accepted for registration and deposit.
Sec. 6. The Treasurer of the Philippines, with the
approval of the Secretary of Finance, is hereby authorized to issue the
necessary rules and regulations to give force and effect to the provisions
of this Act.
Sec. 7. Upon the completion of the registration herein
required, the Treasurer of the Philippines shall submit to the President and
the Congress a full report of such registration.
Sec. 8. The
Philippine National Bank circulating notes
referred to in this Act are those issued by the Philippine National Bank
proper and does not include those issued by the Cebu Currency Committee, the
Iloilo Currency Committee, the Negros Occidental Currency Committee, the
Mindanao Currency Committee and other currency committees duly authorized
during the period from December eight, One thousand nine hundred forty-one
to June thirty, One thousand nine hundred forty-five.
Sec. 9. All acts or parts of acts inconsistent herewith
are repealed.
Section 10. This Act shall take effect upon its
approval.
Approved: June 1, 1948