Section 1.
The Reserve Vault Committee provided for in Sec. sixteen hundred
twenty-five (e) of the Revised Administrative Code is hereby authorized
and directed to cause the official seal of the Republic of the
Philippines to be stamped, printed or superimposed on all the un-issued
treasury certificates in its possession and on all treasury
certificates that will hereafter come into its possession, and shall
not issue or cause to be issued any treasury certificate that has not
previously been so stamped, printed or superimposed with the official
seal of the Republic of the Philippines. The Reserve Vault Committee
shall determine the manner of affecting the above purpose. chan
robles virtual law library
Sec.
2.
The Treasurer of the Philippines, as well as the treasurers of the
provinces, chartered cities and municipalities and also all banks duly
authorized to do business in the Philippines are hereby directed to
deliver or present all treasury certificates in their possession which
have not been previously marked as above provided to the Committee for
exchange with treasury certificates that have been so previously
marked. chan
robles virtual law library
Sec.
3.
Every person holding or possessing, in whatever capacity, treasury
certificates not duly marked as above provided, shall present the same
on or before November thirtieth, nineteen hundred and forty-six, for
exchange with treasury certificates that have been duly marked as
herein provided, to the Treasurer of the Philippines, to the treasurer
of any province, chartered city, or municipality, or to any bank duly
authorized to do business in the Philippines.
Sec.
4.
It shall be the duty of the Treasurer of the Philippines, the treasurer
of any province, chartered city, or municipality, and the cashier and
tellers of any bank doing business in the Philippines, upon
presentation by any person of treasury certificates that have not been
marked with the official seal of the Republic of the Philippines, to
exchange such treasury certificates with those that have been
previously marked that are in his possession at the time the
presentation is made. chan
robles virtual law library
Sec.
5.
On December first, nineteen hundred and forty-six, the Treasurer of the
Philippines, the treasurers of the provinces, chartered cities and
municipalities, and all banks doing business in the Philippines shall
make a list of all treasury certificates in their possession that have
not been duly marked with the official seal of the Republic of the
Philippines, showing the denominations thereof, series, number and
amount, and transmit the said list in a sealed envelope to the
Committee. The respective treasurers and banks shall, within the month
of December nineteen hundred and forty-six, present the treasury
certificates appearing in the said list to the Committee for exchange
with treasury certificates that have been duly marked with the official
seal of the Republic of the Philippines.
Sec.
6.
Treasury certificates not marked as hereinabove provided shall, after
November thirtieth, nineteen hundred and forty-six, not be legal tender
for the purposes of Sec. sixteen hundred and twelve of the Revised
Administrative Code.
Sec.
7.
The President of the Philippines is hereby authorized to extend the
periods provided for in Sec.s three, five, and six of this Act for
periods of one month in each case, but in no case to exceed a total of
three months, if in his opinion, public interest warrants such
extension. chan
robles virtual law library
Sec.
8.
This Act shall be published not only in the Official Gazette but also
in newspapers of general circulation to be determined by the Secretary
of Finance. It shall be the duty of the treasurers of provinces, cities
and municipalities to post and keep posted copies of this Act and in
conspicuous places in the buildings where they have their offices
during the period fixed herein for the presentation of treasury
certificates for exchange. chan
robles virtual law library
Sec.
9.
This Act shall take effect upon its approval.
Approved:
September 25, 1946
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