AN ACT PROVIDING FOR THE CREATION OF AN EMERGENCY
CURRENCY BOARD, THE REGISTRATION, DEPOSIT AND OUTLAWING OF
EMERGENCY CURRENCY NOTES, AND FOR
OTHER PURPOSES
Section 1. This Act may be cited as the "Emergency
Currency Registration and Deposit Act of 1946."
Section 2. There is hereby created an Emergency
Currency Board (in this Act referred to as the Board). The Board shall
consist of three members, to be appointed by the President of the
Philippines, with the consent of the Commission on Appointments, from among
persons now in the service of the Government or from among persons in
private life. The members of the Board who are not Government officers shall
receive such compensation as may be fixed by the President in their
appointments. The terms of office of the members of the Board shall expire
at the time fixed in section twelve for winding up the affairs of the Board.
A vacancy in the membership of the Board shall not impair the authority of
the remaining two members of the Board to exercise all of its functions.
Vacancies occurring in the membership of the Board shall be filled in the
same manner as in the case of their original selection. Members of the Board
shall receive their necessary traveling and other expenses incurred in
connection with their duties as such members or a per diem allowance in lieu
thereof, to be fixed by the Secretary of Finance with the approval of the
President.
Section 3. For the purposes of this Act, the
term "emergency currency" includes
all pre-surrender emergency issues,
guerrilla issues, and so called
mountain
money.
Section 4. The Board may prescribe such rules
and regulations as may be necessary for carrying out its functions, and may
delegate functions to any member, officer, or employee of the Board or of
any other department or agency of the Government or to any other person or
persons and shall give public notice of the time when, and the limit of the
time within which, registration and deposit of
emergency currency must be
filed and made, which notice shall be given in such manner as the Board
shall prescribe.
Section 5. Provincial, city, and municipal
officials and all persons who shall be designated by the Board to take
charge, in their respective territories, of the registration and deposit
herein provided are hereby constituted, for all the purposes of this Act,
employees of the Board, and shall take direct charge of the registration and
deposit of emergency currency in their respective territories.
Section 6. The period of registration and
deposit shall be four months, the inclusive dates of which shall be stated
in the notice provided for in section four hereof: Provided, however, That
the President of the Philippines may, by executive order, extend the same
for such longer period as may be necessary in the public interest.
Section 7. All persons, corporations,
associations, partnerships, and Government bureaus, offices, and
instrumentalities having emergency currency in their possession are required
to register and deposit the same at the places to be designated and during
the period fixed in this Act, and to submit at the same time a detailed
sworn statement in such form and containing such information as the Board
may prescribe, but (a) no emergency currency shall be comingled; (b) each
issue shall be separate and (c) the amounts, denominations and serial
numbers shall be specified. The Board or its agents shall issue certificates
of registration and deposit to the person or persons registering and
depositing such emergency currency.
Section 8. All
emergency currency not
registered and deposited pursuant to section seven hereof and within the
time limit provided for in section six hereof shall be null and void.
Section 9. a. In each province there shall be a
committee composed of the Provincial Treasurer, the Provincial Auditor and
the Provincial Fiscal and in each city there shall be a committee composed
of the City Treasurer, the City Auditor and the City Fiscal to which
respective committees all reports and data shall be sent in their respective
territories. Such committees shall segregate all
emergency currency
registered and deposited and shall set aside all
emergency currency which is
(a) counterfeit, (b) mutilated and (c) which was redeemed by the
Japanese-sponsored government in the Philippines.
b. Should such committee find any
emergency currency to be
counterfeit, it is hereby authorized to mark the same "Counterfeit" and is
directed to notify the person or persons who registered and deposited the
same pursuant to section seven hereof. The person or persons concerned shall
be entitled to be heard by such committee, which hearing shall be held
within fifteen days from the date of notification. Any person affected by
the ruling of such committee may, within fifteen days after such ruling,
appeal to the Secretary of Finance and the decision of the Secretary of
Finance shall be final.
c. For the purpose of this section,
emergency currency shall be
considered mutilated (a) if it is not complete due to the fact that
two-fifths or more of its original size are missing by wear, tear, or
otherwise; or (b) if it is damaged, defaced or perforated through action of
insects, chemicals or other causes to such an extent that the total area of
the damaged, defaced or perforated portion equals two-fifths or more of the
original size of the note; or (c) if it is scorched or burned to such an
extent that, although recognizable as such, it has become fragile and
brittle as to render further handling thereof impossible without breaking it
up; or (d) if it is split edgewise into two so that only one side is
available. The committee is directed to notify the person or persons who
registered and deposited same pursuant to section seven hereof. The person
or persons concerned shall be entitled to be heard by such committee, which
hearing shall be held within fifteen days from the date of notification. Any
person affected by the ruling of such committee may, within fifteen days
after such ruling, appeal to the Secretary of Finance and the decision of
the Secretary of Finance shall be final.
Section 10. Within fifteen days after the
expiration of the period of registration and deposit provided herein, unless
the Board shall otherwise direct, the Provincial Treasurers and the City
Treasurers shall forward all registrations and deposits to the Board
together with all reports and data obtained by them and may make such
comment and recommendations as they deem pertinent.
Section 11. Any and all persons who at any time
were members of any emergency currency boards or committees or who assisted
in the printing or issuance of any emergency currency and any other person
whomsoever are subject to examination by the Board, which is authorized to
issue subpoena, must furnish all information within their knowledge
concerning emergency currency. Any person called under this section to
render assistance or to give information shall be paid compensation and
traveling and other necessary expenses incident to the performance of his
duty hereunder. Such compensation shall be determined by the Secretary of
Finance and paid out of the funds appropriated under section sixteen of this
Act.
Section 12. After the time for registration and
deposits has expired, the Board shall marshal all registrations and deposits
ascertain and determine (a) the extent of the authority given to each
emergency currency board or committee; (b) the amount of
emergency currency
actually printed and the amount actually issued by each emergency currency
board or committee; (c) the nature of disbursements made with the
emergency
currency and classify such disbursements whether made for local civil
government, for civil activities and functions, for military supplies and
salaries, for prosecution of the resistance movement and such other
classifications as may be deemed expedient; (d) the total outstanding
emergency currency which should be redeemed and the basis or rate of
exchange at which same should be redeemed; and shall report to the Secretary
of Finance who shall recommend to the President of the Philippines the steps
to be taken to implement such redemption. The members of the Board will then
be discharged unless the Secretary of Finance shall certify to the President
of the Philippines the necessity of their remaining longer in office in
which event, they shall continue for such further period as may be
authorized by the President.
Section 13. Any person filing a sworn statement
pursuant to section seven and any person called pursuant to section eleven
who makes any statement or representation knowing it to be false or who
willfully fails to supply information within his knowledge or who willfully
furnishes false or misleading information and any person who negotiates or
attempts to negotiate any certificate issued pursuant to section seven
hereof shall, upon conviction, be punished by a fine of not less than five
thousand pesos nor more than ten thousand pesos or by imprisonment for not
less than two years nor more than five years, or both, in the discretion of
the court. In addition to such penalty, the
emergency currency registered
and deposited by any such person shall be forfeited.
Section 14. Nothing in this Act shall be
construed or deemed to legalize or give value to any
emergency currency
which may be registered or deposited hereunder or to guarantee their
redemption.
Section 15. The sum of fifty thousand pesos, or
so much thereof as may be necessary, is appropriated out of any funds in the
Philippine Treasury not otherwise appropriated, to cover the expenses in
carrying out the provisions of this Act: Provided, that all expenses
incurred shall be reimbursed from the funds to be made available for the
redemption of emergency currency.
Section 16. This Act shall take effect upon its
approval.
Approved: September 25, 1946