Amending Section 1 Of Presidential Decree No. 121, DatedJanuary 29, 1973, Entitled "Amending Section 1988 Of Act No. 2711 As Amended Otherwise Known As The Administrative Code"
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Amending Section 1 Of Presidential Decree No. 121, DatedJanuary 29, 1973, Entitled "Amending Section 1988 Of Act No. 2711 As Amended Otherwise Known As The Administrative Code"
Presidential Decree No. 241
July 9, 1973
Case Overview and Summary
Summary of Presidential Decree No. 241Amending Section 1 of Presidential Decree No. 121 regarding the Philippine Postal Savings Bank:
- Location and Establishment of the Philippine Postal Savings Bank (Section 1):
• The central office of the Philippine Postal Savings Bank shall be in Manila.
• The Director of Posts shall establish, maintain, and discontinue postal savings banks and branches as deemed proper. (Section 1988)
• Postal savings banks and branches shall not be established or maintained in places where banking services are already available. (Section 1988)
- Discontinuation of Operations and Transfer of Assets and Liabilities (Section 1):
• Within three years from the effectivity of the Decree, all operations of the Philippine Postal Savings Bank shall be completely discontinued. (Section 1988)
• The remaining assets and liabilities shall be transferred to the Philippine National Bank or any other appropriate existing government bank. (Section 1988)
- Transfer of Assets and Remittance of Net Accumulated Surplus (Section 1):
• The buildings, lands, furniture, supplies, and equipment owned or accruing to the Philippine Postal Savings Bank shall be retained by the Bureau of Posts for postal improvement. (Section 1988)
• The Philippine National Bank or any other appropriate existing government bank shall remit 50% of the net accumulated surplus to the Bureau of Posts, as determined at the time of complete transfer of assets and liabilities. (Section 1988)
- Transfer of Pre-war Liabilities (Section 1):
• Any unexpended amount covering the estimated pre-war liabilities of the bank as of the date of transfer to the Philippine National Bank shall be remitted by the Postal Savings Bank to the Bureau of Posts. (Section 1988)
• The remitted amount shall be used for the expansion and improvement of the postal service, subject to the approval of the Office of the President. (Section 1988)
- Effectivity (Section 2):
• This Decree shall take effect immediately. (Section 2)
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Executive Issuances
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Philippine Postal Savings Bank
Bureau of Posts
Philippine National Bank
Administrative Code
Postal Service
Assets and Liabilities Transfer
Net Accumulated Surplus
Pre-war Liabilities
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Amending Section 1 Of Presidential Decree No. 121, DatedJanuary 29, 1973, Entitled "Amending Section 1988 Of Act No. 2711 As Amended Otherwise Known As The Administrative Code"
Presidential Decree No. 241
•July 9, 1973
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 241 July 9, 1973
AMENDING SECTION 1 OF PRESIDENTIAL DECREE NO. 121, DATED JANUARY 29, 1973, ENTITLED "AMENDING SECTION 1988 OF ACT NO. 2711 AS AMENDED OTHERWISE KNOWN AS THE ADMINISTRATIVE CODE"
WHEREAS, Section 1 of Presidential Decree No. 121 provides, among other things, that within three years from date of effectivity of said Decree, all operations of the Philippine Postal Savings Bank shall be completely discontinued and its remaining assets and liabilities shall be transferred to the Philippine National Bank or to any other appropriate existing government bank;
WHEREAS, since its creation, the Philippine Postal Savings Bank has been considered a division of the Bureau of Posts and its operation under the guidance and supervision of the Postmaster General;
WHEREAS, in order to minimize administrative and operational expenses of the Philippine Postal Savings Bank, the services of Bureau of Posts personnel, like the Postmasters, who attend to the acceptance and withdrawal of deposits, and Postal Inspectors, who attend to the investigation of irregularities committed against...
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Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Presidential Decrees
Philippine Postal Savings Bank
Bureau of Posts
Philippine National Bank
Administrative Code
Postal Service
Assets and Liabilities Transfer
Net Accumulated Surplus
Pre-war Liabilities
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 241 July 9, 1973
AMENDING SECTION 1 OF PRESIDENTIAL DECREE NO. 121, DATED JANUARY 29, 1973, ENTITLED "AMENDING SECTION 1988 OF ACT NO. 2711 AS AMENDED OTHERWISE KNOWN AS THE ADMINISTRATIVE CODE"
WHEREAS, Section 1 of Presidential Decree No. 121 provides, among other things, that within three years from date of effectivity of said Decree, all operations of the Philippine Postal Savings Bank shall be completely discontinued and its remaining assets and liabilities shall be transferred to the Philippine National Bank or to any other appropriate existing government bank;
WHEREAS, since its creation, the Philippine Postal Savings Bank has been considered a division of the Bureau of Posts and its operation under the guidance and supervision of the Postmaster General;
WHEREAS, in order to minimize administrative and operational expenses of the Philippine Postal Savings Bank, the services of Bureau of Posts personnel, like the Postmasters, who attend to the acceptance and withdrawal of deposits, and Postal Inspectors, who attend to the investigation of irregularities committed against...
Login to see full content