Limitations on Redemption Amounts and Registrants
- Redemption limited to actual registered and deposited notes only.
- Maximum payment capped at one thousand pesos per individual or corporation, regardless of total face value of notes registered under their name.
- The Treasurer shall disregard any transfers of note ownership made after initial registration and deposit.
- Payments shall be made exclusively to the original registrants to prevent abuse.
Cancellation and Destruction of Unredeemed Notes
- Any balance remaining after payments to original registrants shall be cancelled and destroyed immediately.
- Purpose is to prevent fraudulent recirculation of the illegally issued notes.
Authority to Issue Implementing Rules and Regulations
- The Treasurer of the Philippines, with the Secretary of Finance's approval, is authorized to promulgate necessary implementing rules.
- These rules are crucial for enforcing and giving effect to the Act's provisions.
Requirements for Master Record and Anti-Fraud Measures
- Redemption is prohibited until a comprehensive master record of all registrants nationwide is completed.
- The record must show aggregated amounts registered by any individual, including spouses, relatives, employees, agents, and by corporations inclusive of their officers and employees.
- Strict measures are mandated to prevent fraudulent claims and use of "dummies" to circumvent redemption limits.
Allocation of Remaining Funds to Guerrilla Emergency Notes
- Any remaining funds after the redemption process shall be allocated for payment of guerrilla emergency notes under Republic Act No. 369.
Repeal of Inconsistent Acts
- All previous laws, acts, or parts thereof inconsistent with this Act's provisions are repealed or declared invalid.
Penalties for Violation of Redemption Regulations
- Violations of redemption limits and registration requirements are punishable by:
- Imprisonment from six months to one year, or
- A fine ranging from five thousand to ten thousand pesos.
Effectivity of the Act
- The Act takes effect immediately upon approval on August 14, 1952.