Designation and Deposit of Surplus Funds with the Insular Treasury
- The amendment mandates that surplus provincial funds be deposited with the Insular Treasurer whenever the latter authorizes the Insular Treasury as the depository.
- This centralizes the custody of surplus provincial funds under the Insular Treasury upon its designation.
Procedural Expediency Clause
- The Act provides for expedited enactment considering the public interest.
- Reference is made to a prior statute governing the accelerated legislative procedure of the Philippine Commission.
Effectivity of the Act
- The Act takes effect immediately upon its passage on April 4, 1903.
This law modification refines the management, deposit, and oversight of provincial government funds by:
- Ensuring surplus funds are either deposited in suitable banks or, when designated, with the Insular Treasury,
- Requiring approval and transparency of deposit agreements,
- Instituting a reporting mechanism for deposited funds,
- Providing a mechanism for centralized depository designation by the Insular Treasurer.