AN ACT TO PROVIDE FOR THE RETIREMENT OF TREASURY CERTIFICATES OF PRE-WAR SERIES AND FOR OTHER PURPOSES.

Case Overview and Summary

Retirement of Treasury Certificates of Pre-War Series

- Treasurers and banks are directed to deliver or present all treasury certificates of the pre-war series for exchange with treasury certificates of the Victory series. (Section 1)
- Individuals must present pre-war series certificates on or before June 30, 1948, for exchange with Victory series certificates at designated locations. (Section 2)
- Designated entities must exchange pre-war series certificates with Victory series certificates upon presentation, and the exchanged pre-war certificates must be forwarded to the Treasurer of the Philippines. (Section 3)
- By July 5, 1948, designated entities must submit a list of pre-war series certificates in their possession as of June 30, 1948, and present them for exchange by July 1948. (Section 4)
- After June 30, 1948, pre-war series certificates will no longer be legal tender, unless the deadline is extended by the President. (Section 5)
- The President can extend the deadlines in Sections 2, 4, and 5 by up to three months each, but not beyond December 31, 1948, if deemed in the public interest. (Section 6)
- The law must be published in the Official Gazette and newspapers, and posted in conspicuous places by designated entities during the exchange period. (Section 7)
- Republic Act No. 17, as amended, is repealed. (Section 8)
- The law takes effect upon approval. (Section 9)