Obligations of Treasurers and Banks
- The Treasurer of the Philippines, provincial treasurers, treasurers of chartered cities and municipalities, and all authorized banks must deliver or present treasury certificates not bearing the official seal to the Reserve Vault Committee.
- This is to facilitate the exchange with duly marked treasury certificates.
Requirement for Holders of Treasury Certificates
- Any person holding treasury certificates without the official seal must present these certificates for exchange by November 30, 1946.
- Presentation points include the Treasurer of the Philippines, provincial/city/municipal treasurers, or authorized banks.
Duty of Treasurers and Banks to Exchange Certificates
- Upon presentation of unmarked treasury certificates, relevant officials and bank personnel (cashiers and tellers) are required to exchange them with sealed certificates from their possession.
Reporting and Submission of Unmarked Certificates
- On December 1, 1946, all involved treasurers and banks must compile lists of unmarked treasury certificates in their possession, detailing denominations, series, numbers, and amounts.
- These lists are to be transmitted in sealed envelopes to the Committee.
- The unmarked certificates listed must be presented to the Committee within December 1946 for exchange.
Legal Tender Status of Unmarked Certificates
- Treasury certificates without the official seal will cease to be legal tender after November 30, 1946, according to Section 1612 of the Revised Administrative Code.
Presidential Authority to Extend Deadlines
- The President may extend the deadlines in Sections 3, 5, and 6 by one month per extension, for up to a total of three months.
- Extensions are subject to the President’s determination of public interest.
Publication and Posting Requirements
- The Act must be published in the Official Gazette and select newspapers as determined by the Secretary of Finance.
- Provincial, city, and municipal treasurers must post and maintain notices of this Act in conspicuous places in their offices during the exchange period.
Effectivity
- The Act takes effect immediately upon approval, which was on September 25, 1946.