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 with the restrictions imposed in the next following sections, 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:
Provided, That the Treasurer of the Philippines is prohibited from paying,
by way of redemption of the bank notes, subject-matter of this Act, an
amount in excess of one thousand pesos to any one individual or corporation,
whatever be the total face value of all the notes registered by or under the
names of said individual or corporation, and notwithstanding that the notes
sought to be redeemed may have been registered by or under the names of
other persons: Provided, further, That the Treasurer of the Philippines
shall disregard transfers to third parties, with or without valuable
considerations, made after the original deposit and registration and shall
make the payments in the amount provided in this section, only to the
original registrants.
Sec. 3. After effecting payments to lawful original
registrants in the manner provided for in this Act, the balance shall be
cancelled and forthwith destroyed so as to prevent their fraudulent
circulation.
Sec. 4. 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. 5. The Treasurer 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 by or under the name of any one individual and
that of his spouse, ascendants, descendants, employees, servants or agents
of any kind; or by or under the name of any corporation, association, or
group and that of its officers, employees, or agents, of any kind, under the
provisions of Republic Act Numbered Two hundred and eleven. In order to
forestall the commission of frauds and/or misrepresentations by claimants,
strict precautionary measures shall be adopted to prevent payments to
individuals acting as "dummies" for any claimant seeking to forestall the
provisions of section two of this Act.
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. All acts, purported acts, and parts of acts or
purported acts, inconsistent with the provisions of this Act, are hereby
repealed, or declared invalid, as the case may be.
Sec. 8. Violations of the regulations embodied in
section two and section five of this Act, shall be punished by imprisonment
of not less than six months and not more than one year or a fine of not less
than five thousand pesos and not more than ten thousand pesos.
Sec. 9. This Act shall take effect upon its approval.
Approved: August 14, 1952