Special Bank Holiday on Dec 31, 1948

Ask AI

PROCLAMATION NO. 108: Special Bank Holiday on Dec 31, 1948

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 Dec 31, 1948

Law: Proclamation No. 108

Decision Date: Dec 21, 1948

Elpidio Quirino, President of the Philippines, declares December 31, 1948, a special bank holiday to facilitate the year-end closing of bank accounts, ensuring uninterrupted operations for financial institutions.

special holiday

A

Basis for the Declaration

The Manila Clearing House Association petitioned for this special holiday.
December 30, 1948, and January 1, 1949, are already public holidays.
Declaring December 31 as a bank holiday was seen as advantageous for banks with no disadvantage to the general public.

Legal Authority

The proclamation was issued by President Elpidio Quirino.
The authority to proclaim the special bank holiday is derived from Section 30 of the Revised Administrative Code.

Purpose and Effects

The special bank holiday enables banks to continue their year-end closing activities without interruption.
The purpose is to facilitate efficient banking operations at a critical financial period.
It acknowledges the operational needs of banks and recognizes the importance of uninterrupted financial processes.

Formalization and Signatories

The proclamation was signed in Manila on December 21, 1948.
It was signed by President Elpidio Quirino and countersigned by Executive Secretary Teodoro Evangelista.

END