WHEREAS,
there is an upsurge in the commission of swindling and other forms of
frauds in rural banks, cooperatives, "samahang nayon (s)", and farmers'
associations or corporations/associations operating on funds solicited
from the general public; chanroblesvirtualawlibrary
WHEREAS, such defraudation or misappropriation of funds contributed by
stockholders or members of such rural banks, cooperatives, "samahang
nayon(s)", or farmers' associations, or of funds solicited by
corporations/associations from the general public, erodes the
confidence of the public in the banking and cooperative system,
contravenes the public interest, and constitutes economic sabotage that
threatens the stability of the nation;chanroblesvirtualawlibrary
WHEREAS, it is imperative that the resurgence of said crimes be
checked, or at least minimized, by imposing capital punishment on
certain forms of swindling and other frauds involving rural banks,
cooperatives, "samahang nayon(s)", farmers' associations or
corporations/associations operating on funds solicited from the general
public. chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
decree and order as follows:cralaw:red
Section 1. Any person or persons who shall commit
estafa or other forms of swindling as defined in Article 315 and 316 of
the Revised Penal Code, as amended, shall be punished by life
imprisonment to death if the swindling (estafa) is committed by a
syndicate consisting of five or more persons formed with the intention
of carrying out the unlawful or illegal act, transaction, enterprise or
scheme, and the defraudation results in the misappropriation of money
contributed by stockholders, or members of rural banks, cooperative,
"samahang nayon(s)", or farmers association, or of funds solicited by
corporations/associations from the general public.
When not committed by a syndicate as above defined, the penalty
imposable shall be reclusion temporal to reclusion perpetua if the
amount of the fraud exceeds 100,000 pesos.
Section 2. This decree shall take effect immediately.
DONE in the City of Manila,
this 6th day of April, in the year of Our Lord, nineteen hundred and
eighty.
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