Funds for Rehabilitation of Domestic Insurance

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Republic Act No. 353: Funds for Rehabilitation of Domestic Insurance

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Title Source: Supreme Court: Funds for Rehabilitation of Domestic Insurance

Law: Republic Act No. 353

Decision Date: Jun 4, 1949

Republic Act No. 353 appropriates funds from the National Treasury for the rehabilitation of domestic insurance companies in the Philippines, subject to the authorization of the President, certification by the Secretary of Finance, and recommendation of the Bank and Insurance Commissioner.

Conditions on Fund Availability and Investment Authorization

No funds may be accounted for or made available for investment without:
- Prior authorization from the President of the Philippines.
- A certification from the Secretary of Finance that the funds are essential for the rehabilitation of domestic insurance companies.
- A recommendation from the Bank and Insurance Commissioner supporting the need for such funds.

Government Subscription to Rehabilitation Finance Corporation

Amounts released under this Act for the purposes outlined in Executive Order No. 107 shall be credited as government subscription to the capital stock of the Rehabilitation Finance Corporation.

Effectivity Clause

The law takes effect immediately upon its approval on June 4, 1949.

END