Question & AnswerQ&A (Republic Act No. 17)
The main purpose of Republic Act No. 17 is to require the official seal of the Republic of the Philippines to be stamped, printed, or superimposed on all unissued and issued treasury certificates to regulate their circulation.
The Reserve Vault Committee, as provided in section 1625(e) of the Revised Administrative Code, is authorized and directed to cause the official seal of the Republic of the Philippines to be stamped, printed, or superimposed on treasury certificates.
They must be presented to the Treasurer of the Philippines, treasurers of provinces, chartered cities, municipalities, or any bank duly authorized to do business in the Philippines for exchange with duly marked treasury certificates.
Treasury certificates not duly marked must be presented on or before November 30, 1946, for exchange.
They are duty-bound to exchange such treasury certificates with those duly marked that are in their possession at the time the presentation is made.
They must make a list of all treasury certificates in their possession not duly marked with the official seal, showing denominations, series, numbers, and amount, and transmit this list in a sealed envelope to the Reserve Vault Committee.
They shall no longer be considered legal tender for the purposes of section 1612 of the Revised Administrative Code after November 30, 1946.
Yes, the President can extend the periods provided in sections three, five, and six of the Act by one month per extension, up to a total of three months, if public interest so warrants.
The Act must be published in the Official Gazette and newspapers of general circulation as determined by the Secretary of Finance, and treasurers of provinces, cities, and municipalities must post copies prominently in their offices during the presentation period.