AN ACT TO PROVIDE FOR THE RETIREMENT OF TREASURY CERTIFICATES OF PRE-WAR SERIES AND FOR OTHER PURPOSES.
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AN ACT TO PROVIDE FOR THE RETIREMENT OF TREASURY CERTIFICATES OF PRE-WAR SERIES AND FOR OTHER PURPOSES.
Republic Act No. 199
March 29, 1948
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- Republic Act No. 17, as amended, is repealed.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)
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AN ACT TO PROVIDE FOR THE RETIREMENT OF TREASURY CERTIFICATES OF PRE-WAR SERIES AND FOR OTHER PURPOSES.
Republic Act No. 199
•March 29, 1948
REPUBLIC ACT NO. 199
AN ACT TO PROVIDE FOR THE RETIREMENT OF TREASURY CERTIFICATES OF PRE-WAR SERIES AND FOR OTHER PURPOSES
Section 1. The treasurers of the provinces, chartered cities, and municipalities, and all banks duly authorized to do business in the Philippines, are hereby directed to deliver or present all treasury certificates of the pre-war series in their possession and those that may hereafter come into their possession, to the Treasury of the Philippines for exchange with treasury certificates of the Victory series.
Section 2. Every person holding or possessing, in whatever capacity, treasury certificates of the pre-war series, shall present the same on or before the thirtieth day of June, nineteen hundred and forty-eight, for exchange with treasury certificates of the Victory series, 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.
Section 3. It shall be the duty of the Treasurer of the Philippines, the treasurer of any province, chartered city, or municipality,...
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