ChanRobles Virtual law Library
PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Republic Acts :
REPUBLIC ACTS
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REPUBLIC ACT NO. 266 - AN
ACT APPROPRIATING SUCH SUMS AS MAY FROM TIME TO TIME BE RELEASED BY THE
CENTRAL BANK REPRESENTING EXCESS MONETARY RESERVES, AND AUTHORIZING THE
PRESIDENT OF THE PHILIPPINES TO ISSUE BONDS, CERTIFICATES OR OTHER
EVIDENCES OF INDEBTEDNESS COVERING SUCH AMOUNTS |
Section 1. Subject to the provisions of section one hundred
and thirty-seven of Republic Act Numbered Two hundred and sixty-five,
otherwise known as the Central Bank Act, the Central Bank shall from
time to time turn over to the Treasury of the Philippines such sums as
the Monetary Board of the Central Bank may consider in excess of the
currency reserves essential to the maintenance of the stability and
convertibility of the currency. The President of the Philippines may in
his discretion issue bonds, certificates or other evidences of
indebtedness at such rates of interest as may be agreed upon between
him and the Monetary Board to cover the amounts so released and paid to
the National Treasury.
Sec. 2. Such sums as may from time to time be
released and paid to the National Treasury in accordance with the
preceding section are hereby appropriated for the following purposes: Sec. 3. It shall be the duty of the President to report to the Congress within ten days after the beginning of each regular session the amounts paid by the Central Bank into the National Treasury, in accordance with the provisions of this Act, as well as the amounts set aside by him for each and all of the subjects of appropriation enumerated in the preceding article. Sec. 4. This Act shall take effect upon its
approval. Approved: June 15, 1948 |
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