Republic Act No. 86 October 29, 1946
AN ACT AUTHORIZING THE SECRETARY OF FINANCE TO WITHDRAW FROM THE TREASURY CERTIFICATE FUND SUCH SUMS AS ARE IN EXCESS OF THE LEGAL RESERVE REQUIREMENT, AND APPROPRIATING THE SAME TO PAY FOR SUBSCRIPTIONS OF THE GOVERNMENT OF THE REPUBLIC OF THE PHILIPPINES TO THE CAPITAL STOCK OF THE REHABILITATION FINANCE CORPORATION
Section 1. The Secretary of Finance, with the approval of the President, is hereby authorized to withdraw from the Treasury Certificate Fund such sums as may be found to be actually in excess of the legal reserve requirement for treasury certificates in circulation or available circulation, after the completion of the stamping of such certificates in circulation as provided under Republic Act Numbered Seventeen. Pending the actual determination of the total value of the treasury certificates in circulation and available for circulation, the Secretary of Finance, with the approval of the President, is hereby authorized to withdraw from time to time from the Treasury Certificate Fund such sums as he may estimate are in excess...
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Republic Acts
AN ACT AUTHORIZING THE SECRETARY OF FINANCE TO WITHDRAW FROM THE TREASURY CERTIFICATE FUND SUCH SUMS AS ARE IN EXCESS OF THE LEGAL RESERVE REQUIREMENT
Republic Act No. 86
Summary of Republic Act No. 86
Withdrawal of Excess Funds from Treasury Certificate Fund
- The Secretary of Finance, with the President's approval, is authorized to withdraw sums in excess of the legal reserve requirement for treasury certificates in circulation or available for circulation. (Section 1)
- Pending determination of total treasury certificates, the Secretary can withdraw estimated excess sums, not exceeding 100 million pesos. (Section 1)
Appropriation for Rehabilitation Finance Corporation
- Withdrawn sums are appropriated to pay for the Philippine government's subscriptions to the capital stock of the Rehabilitation Finance Corporation. (Section 2)
Effectivity
- The Act takes effect upon approval. (Section 3)
Withdrawal of Excess Funds from Treasury Certificate Fund
- The Secretary of Finance, with the President's approval, is authorized to withdraw sums in excess of the legal reserve requirement for treasury certificates in circulation or available for circulation. (Section 1)
- Pending determination of total treasury certificates, the Secretary can withdraw estimated excess sums, not exceeding 100 million pesos. (Section 1)
Appropriation for Rehabilitation Finance Corporation
- Withdrawn sums are appropriated to pay for the Philippine government's subscriptions to the capital stock of the Rehabilitation Finance Corporation. (Section 2)
Effectivity
- The Act takes effect upon approval. (Section 3)