Special Bank Holiday on December 31, 1949

Ask AI

PROCLAMATION NO. 161: Special Bank Holiday on December 31, 1949

Getting related questions...
What do you want to know about the law?
Your conversations and searches stay on your device. We do not store or track your activity on our servers. To know more about our privacy commitment see jur.ph/privacy Ask AI provides quick answers grounded in full case texts to avoid mistakes. Always verify with the original text.

Ask AI

Title Supreme Court: Special Bank Holiday on December 31, 1949

Law: Proclamation No. 161

Decision Date: Dec 28, 1949

Elpidio Quirino, President of the Philippines, declares December 31, 1949, a special bank holiday to facilitate the year-end closing of bank accounts, benefiting financial institutions without inconveniencing the public.

special holiday

A

Purpose of the Bank Holiday

To allow banks to continue handling the heavy workload related to closing their accounts at the end of the year without interruption.
The holiday facilitates smooth banking operations in view of adjacent public holidays.

Context of Adjacent Public Holidays

December 30, 1949, and January 1, 1950, were already designated public holidays.
Declaring December 31, 1949, as a special bank holiday benefits banks without causing public inconvenience.

Legal Authority for the Proclamation

The proclamation was made under the authority granted by Section 30 of the Revised Administrative Code.
The President of the Philippines exercised this authority to issue the proclamation.

Formalization and Authentication of the Proclamation

The proclamation was signed by President Elpidio Quirino.
The seal of the Republic of the Philippines was affixed.
The proclamation was officially made in the City of Manila on December 28, 1949.
The acting Executive Secretary, Marciano Roque, also attested to the proclamation.

END