AN ACT AUTHORIZING THE REDEMPTION OF THE
PHILIPPINE
NATIONAL BANK CIRCULATING NOTES DECLARED TO HAVE BEEN ILLEGALLY ISSUED AND
REGISTERED AND DEPOSITED WITH THE TREASURER OF THE PHILIPPINES OR WITH ANY
PROVINCIAL, CITY OR MUNICIPAL TREASURER UNDER THE PROVISIONS OF
REPUBLIC ACT
NUMBERED TWO HUNDRED AND ELEVEN
Section 1. All
Philippine National Bank circulating
notes declared to have been illegally issued under the provisions of
Republic Act Numbered Two hundred and eleven and registered and deposited
with the Treasurer of the Philippines or with any provincial, city or
municipal treasurer under the provisions of section three of said
Republic
Act Numbered Two hundred and eleven are hereby declared redeemable and the
Treasurer of the Philippines is hereby authorized and directed to redeem
said notes by exchanging them with treasury certificates of the
Victory
series, utilizing for this purpose the funds now available in the National
Treasury for the retirement from circulation of these notes of the
Philippine National Bank inclusive of the amount of five million pesos
appropriated under the provisions of section one of
Republic Act Numbered
Two hundred and eleven.
Sec. 2. The redemption herein authorized shall be
limited only to those
circulating notes of the Philippine National Bank that
have actually been registered and deposited with the Treasurer of the
Philippines or with any provincial, city or municipal treasurer as directed
under said section three of Republic Act Numbered Two hundred and eleven.
Sec. 3. 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. 4. The Treasurer of the Philippines is prohibited
from redeeming any of the bank notes, subject-matter of this Act, until he
has made a master record of all the registrants all over the Philippines
showing the amount of the bank notes registered under one individual and
that of his wife or agent under the provisions of
Republic Act Numbered Two
hundred and eleven. And in order to forestall the commission of fraud and/or
misrepresentation by claimants, strict precautionary measures shall be
adopted to prevent payments to two or more individuals acting as "dummies"
for one claimant seeking to forestall the provisions of section five of this
Act.
Sec. 5. Based upon this master record, the Treasurer of
the Philippines is authorized to redeem bank notes, subject-matter of this
Act, under the following regulations:
(a) For holders of registered bank notes, one hundred
per centum for the first one thousand pesos; fifty per centum for all
amounts in excess of one thousand pesos up to two thousand pesos; thirty per
centum for all amounts in excess of two thousand pesos up to ten thousand
pesos; and fifteen per centum for all amounts in excess of ten thousand
pesos.
(b) For the purposes of this Act, preference shall be
given to the holders of small amounts.
Sec. 6. The remaining balance of the amount from the
fund herein provided for shall be made available for the payment of the
Guerrilla Emergency notes as provided for in
Republic Act Numbered Three
hundred and sixty-nine.
Sec. 7. This Act shall take effect upon its approval.
Approved: June 18, 1952