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
AN ACT TO AMEND
SECTIONS FIVE AND SIX OF
COMMONWEALTH ACT NUMBERED SIX HUNDRED AND SEVENTY-TWO, ENTITLED "AN ACT TO REHABILITATE THE PHILIPPINE
NATIONAL BANK" |
Section 1. Section s Five and Six of Commonwealth Act Numbered
Six Hundred and Seventy-Two are hereby amended to read as follows: chan
robles virtual law library "Sec.
5. The blocked deposit balances of the Commonwealth
Government, cities, provinces, and municipalities, remaining after
effecting the write-offs as hereinbefore provided, shall stand as a
credit balance in favor of the respective entities: Provided, That
these deposit balances shall remain blocked until June thirty, nineteen
hundred forty-seven and shall be available to cover such further
deficiencies which may be disclosed or ascertained on or before June
thirty, nineteen hundred forty-seven: Provided, further, That any
further adjustments shall become effective only upon approval of the
Secretary of Finance: And provided, finally, That said deposit balances
may, prior to June thirty, nineteen hundred forty-seven, be withdrawn
under licenses to be issued by the Secretary of Finance, upon the
recommendation of the Bank Commissioner. Sec. 2. This Act shall take effect upon its approval. Approved:
September 5, 1946 |
chan robles virtual law library