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| REPUBLIC ACT NO. 353 - AN
ACT APPROPRIATING FUNDS FOR THE REHABILITATION OF DOMESTIC INSURANCE
COMPANIES |
| Section 1. Such
sums as may be necessary to carry into effect the provisions of
Executive Order Numbered One hundred and seven of the President of the
Philippines, dated April twenty, nineteen hundred and forty-six, are
hereby appropriated out of any funds in the National Treasury not
otherwise appropriated: Provided, That no amount shall be set up in the
books of the General Auditing Office or otherwise made available for
the investment unless previously authorized by the President of the
Philippines, upon certification of the Secretary of Finance that
domestic insurance companies on recommendation of the Bank and
Insurance Commissioner: And provided, further, That any amount released
under the provision of this Act for the purposes provided for in
Executive Order Numbered One hundred and seven, dated April twenty,
nineteen hundred and forty-six, as amended, shall be credited to the
subscription of the Government of the Republic of the Philippines to
the capital stock of the Rehabilitation Finance
Corporation. Section 2. This Act shall take effect upon its approval. Approved: June 4, 1949 |
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