Law Summary

SECTION 1: Duties of the Treasurer and Bureau Employees

• Legal Principle: The Treasurer of the Philippine Archipelago is mandated to procure stamps for marking counterfeit coins.
• Key Definitions:
  • Counterfeit Coin: Any coin that is false or not genuine.
• Requirements/Procedures:
  • Stamps must clearly imprint the word "false" on all counterfeit coins presented at or coming into the Treasury.
  • The impression must be visible for casual inspection.
• Penalties/Consequences: Failure to stamp counterfeit coins as required places the responsibility on the Treasurer and Bureau employees.

• Treasurer must procure suitable stamps for marking counterfeit coins.
• All counterfeit coins must be stamped with the word "false".
• Stamps must be clearly visible upon casual inspection.

SECTION 2: Responsibilities of Banks and Banking Associations

• Legal Principle: Banks and banking institutions have a duty to stamp counterfeit coins.
• Key Definitions:
  • Bank or Banking Association: Any financial institution operating within the Philippine Islands.
• Requirements/Procedures:
  • Banks must procure the designated stamps and stamp counterfeit coins that they receive.
  • The Treasurer shall determine the form, size, and usage of the stamps.
• Penalties/Consequences: Non-compliance may lead to legal repercussions for bank officials.

• Banks are required to obtain and use stamps for counterfeit coins.
• The Treasurer will prescribe stamp specifications and usage methods.

SECTION 3: Penalties for Non-Compliance

• Legal Principle: Establishes penalties for neglect or refusal to stamp counterfeit coins.
• Key Definitions:
  • Neglect or Refusal: Willful failure to perform the stamping duty as outlined in this Act.
• Requirements/Procedures:
  • Any banking official who fails to stamp counterfeit coins may be fined or face imprisonment.
• Penalties/Consequences: A fine not exceeding six months or both fine and imprisonment at the discretion of the court.

• Banking officials who neglect to stamp are subject to fines or imprisonment.
• Maximum penalty includes a six-month fine or both fine and imprisonment.

SECTION 4: Expedited Passage

• Legal Principle: This section mandates the expedited process for the enactment of the law.
• Key Definitions:
  • Public Good: The necessity for immediate action for the benefit of society.
• Requirements/Procedures: The Act is to be passed swiftly in accordance with prior legislation regarding law enactment procedures.

• The Act's passage is expedited for public good.
• References "An Act prescribing the order of procedure by the Commission in the enactment of laws."

SECTION 5: Effectivity

• Legal Principle: The Act shall take effect immediately upon passage.
• Key Definitions: None specified in this section.
• Requirements/Procedures: The Act becomes enforceable upon its enactment.

• The Act is effective immediately upon passage.

Key Takeaways

• The Act mandates the stamping of counterfeit coins with the word "false" to prevent their circulation.
• Both the Treasurer and banking institutions have defined responsibilities to ensure compliance.
• Failure to comply with stamping requirements can lead to significant penalties for individuals involved.
• The Act is enacted with urgency for the public good and takes effect immediately upon passage.