Question & AnswerQ&A (Republic Act No. 2361)
The main purpose of Republic Act No. 2361 is to revert to the general funds of the national government any outstanding cash balances of certain special or revolving funds under certain conditions.
The certification must be done by the head of the office administering the said fund.
The Auditor General must attest to the certification.
The transfer can happen when the purpose for which the fund was created has been fulfilled or abandoned, or when the cash balance is no longer needed without adversely affecting the fund's purpose.
Yes, Section 1 states that any provision of law to the contrary is overridden by this Act.
It is transferred to the general funds of the national government.
No, the Act does not specify any penalties for non-compliance.
The Act took effect upon its approval on June 20, 1959.
It means that either the entire cash balance or any part of it may be reverted to the general fund if the stated conditions are met.
A special or revolving fund refers to money set aside for a specific purpose or project which is replenished from time to time, subject to conditions set by law or administrative regulations.