REPUBLIC ACT NO. 211 - AN
ACT AUTHORIZING THE RETIREMENT AND REDEMPTION OF THE CIRCULATING NOTES
LAWFULLY ISSUED BY THE PHILIPPINE NATIONAL BANK AND THE REGISTRATION
AND DEPOSIT OF SUCH NOTES ILLEGALLY ISSUED, APPROPRIATING FUNDS THEREFOR |
Section
1. All Philippine National Bank circulating notes
legally issued and now outstanding, except those issued illegally by
the Japanese and listed hereunder and those which the Secretary of
Finance may, from time to time, certify upon investigation to have been
illegally issued or circulated, shall be presented for retirement and
redemption to the Treasury of the Philippines within one year after the
approval of this Act. The Treasurer of the Philippines is hereby authorized and directed within the period hereinabove provided to redeem Philippine National Bank notes other than those excepted in the preceding paragraph, that may be presented to him for redemption by exchanging them with treasury certificates.cralaw There is hereby appropriated the sum of five million pesos out of any funds in the Treasury of the Philippines, not otherwise appropriated, for the redemption herein authorized of Philippine National Bank circulating notes legally issued.cralaw PHILIPPINE NATIONAL BANK CIRCULATING NOTES ILLEGALLY ISSUED BY THE JAPANESE MILITARY AUTHORITIES NOT TO BE REDEEMED UNDER THIS ACT Serial Number Amount 5-peso denomination A 1735001-A 1775000 P200,000.00 A 1855001-A 1935000 400,000.00 A 2175001-A 2215000 200,000.00 B 164001 -B 360000 980,000.00 B 400001 -B 440000 200,000.00 B 520001 -B 1000000 2,400,000.00 E 4001 -E 208000 1,020,000.00 P5,400,000.00 ========== 10-peso denomination A 1226001-A 1260000 P340,000.00 E 4001 -E 102000 980,000.00 P1,320,000.00 ========== 20-peso denomination E 40001 -E 50000 P200,000.00 P200,000.00 ========= 50-peso denomination A 90201 -A 100000 P490,000.00 P490,000.00 ========== P7,410,000.00 ========== Sec. 2. After the expiration of one year from the effectivity of this Act, all Philippine National Bank circulating notes whose redemption is hereby authorized and which have not been presented for redemption shall have no value whatsoever.cralaw Sec. 3. Any person holding or possessing in any
capacity whatsoever any Philippine National Bank circulating note which
bears any of the serial numbers mentioned in section one of this Act or
which shall be certified to by the Secretary of Finance as having been
illegally issued, shall present them for registration and deposit to
the Treasurer of the Philippines or to any provincial, city or
municipal treasurer, within six months after the approval of this Act.
It shall be the duty of the Treasurer of the Philippines and of all
provincial, city and municipal treasurers to accept all such Philippine
National Bank circulating notes illegally issued, to register and
safely keep the same and to issue therefor a certificate in such form
as may be devised by the Treasurer of the Philippines, stating the name
and address of the person registering said notes, the serial number
thereof, their denomination, the amount of each denomination, and the
total amount.cralaw Sec. 4. The provincial, city and municipal treasurers concerned shall forward to the Treasurer of the Philippines all Philippine National Bank circulating notes registered and deposited with them from time to time, together with a list showing their serial numbers, denominations and total amount. Within fifteen days from and after the lapse of the period provided for the registration and deposit of such Philippine National Bank circulating notes, provincial, city and municipal treasurers shall prepare and transmit to the Treasurer of the Philippines, in a sealed cover a list of all such Philippine National Bank circulating notes in their possession as of the last day of the registration period, and within thirty days from the date of the submittal of the list, they shall present to the Treasurer of the Philippines all Philippine National Bank circulating notes contained in said lists. Thereafter, it shall be the duty of the Treasurer of the Philippines to submit a report to the Secretary of Finance of the total amount of each of the Philippine National Bank circulating notes illegally issued, registered and deposited as hereinbefore provided.cralaw Sec. 5. All Philippine National Bank circulating notes illegally issued and/or certified as illegally issued not registered and deposited as hereinbefore provided within the period authorized shall not thereafter be accepted for registration and deposit.cralaw Sec. 6. The Treasurer of the Philippines, with the approval of the Secretary of Finance, is hereby authorized to issue the necessary rules and regulations to give force and effect to the provisions of this Act.cralaw Sec. 7. Upon the completion of the registration herein required, the Treasurer of the Philippines shall submit to the President and the Congress a full report of such registration.cralaw Sec. 8. The Philippine National Bank circulating
notes referred to in this Act are those issued by the Philippine
National Bank proper and does not include those issued by the Cebu
Currency Committee, the Iloilo Currency Committee, the Negros
Occidental Currency Committee, the Mindanao Currency Committee and
other currency committees duly authorized during the period from
December eight, One thousand nine hundred forty-one to June thirty, One
thousand nine hundred forty-five. Section 10. This Act shall take effect upon its
approval.cralaw Approved: June 1, 1948 |