QuestionsQuestions (Act No. 721)
To amend the Provincial Government Act No. 83 so as to provide for the deposit of surplus provincial funds with the Insular Treasury when designated as depository by the Insular Treasurer.
Paragraph (h) of Section 13 of Act No. 83 is amended by adding a proviso at the close of the paragraph.
It authorizes the provincial treasurer to deposit so much of provincial funds as may not be needed in the near future for public use in a bank of approved standing in the Islands.
It introduces an additional option/requirement: the provincial treasurer must deposit surplus provincial funds with the Insular Treasurer whenever the Insular Treasury is designated as the depository for the province’s funds by the Insular Treasurer.
All interest paid on such deposits shall inure to the benefit of the provincial treasury.
No funds shall be deposited until there is spread upon the minutes of the board a resolution reciting and approving the exact terms of the contract of deposit in the bank.
The bank must certify the weekly balances of provincial funds held by it to the provincial governor and to the Treasurer of the Islands.
Whenever the Insular Treasury shall be designated as the depository for the provincial funds of the province by the Insular Treasurer.
No. It amends paragraph (h) by adding an additional proviso; the bank-deposit authority and procedures remain in the paragraph.
By a resolution spread upon the minutes of the board that recites and approves the exact terms of the contract of deposit in the bank.
They receive weekly certifications from the bank regarding the provincial funds’ balances.
It states that the public good requires speedy enactment and passage is expedited according to Section 2 of the Act prescribing the order of procedure by the Commission in enactment of laws (Sept. 26, 1900).
On its passage.
Funds not needed “in the near future for public use,” which may be deposited under the law’s conditions.
The provincial treasurer of any province organized under Act No. 83 or any other Act of the Commission.
The Insular Treasury is designated as the depository for the provincial funds of the province by the Insular Treasurer.