Conditions for Late Exchange
- Late exchange allowed if holder failed to surrender due to ignorance of the original law, no fault or negligence, or circumstances beyond control.
- Applies if holder acquired notes for reasons other than speculation.
- An affidavit stating these grounds serves as prima facie proof and suffices for compliance.
Penalties for False Affidavits
- Imprisonment from six months to six years for materially false affidavits.
- Fine amounting to three times the surrendered certificates or notes’ value.
Publicity and Implementation
- Central Bank of the Philippines, provincial and municipal treasurers, and barrio councils mandated to widely publicize the provisions.
- Ensures public awareness and compliance.
Effectivity
- The Act takes effect immediately upon approval, formalizing the amended surrender period and conditions.