An Act Providing for the Withdrawal from Circulation, by the Treasurer, of Worn-Out or Mutilated Circulating Notes Issued by the United States, or Any Banking Association therein
Act No. 149, enacted on June 22, 1901, establishes procedures for managing worn-out or mutilated circulating notes issued by the United States within the Philippine Islands. The Insular Treasurer is tasked with withdrawing these notes from circulation and sending them to a designated disbursing agent in Washington for redemption with the U.S. Treasury. Upon receiving the redeemed notes, the disbursing agent must credit the Insular Government and manage the disbursement as outlined in previous legislation. Additionally, the Insular Treasurer is required to accept these notes at face value from both officials and the public, ensuring they are redeemed appropriately. This act is effective immediately upon its passage.
Quick Answers
- What is An Act Providing for the Withdrawal from Circulation, by the Treasurer, of Worn-Out or Mutilated Circulating Notes Issued by the United States, or Any Banking Association therein about?
- Act No. 149, enacted on June 22, 1901, establishes procedures for managing worn-out or mutilated circulating notes issued by the United States within the Philippine Islands. The Insular Treasurer is tasked with withdrawing these notes from circulation and sending them to a designated disbursing agent in Washington for redemption with the U.S. Treasury. Upon receiving the redeemed notes, the disbursing agent must credit the Insular Government and manage the disbursement as outlined in previous legislation. Additionally, the Insular Treasurer is required to accept these notes at face value from both officials and the public, ensuring they are redeemed appropriately. This act is effective immediately upon its passage.
- What type of law is Act No. 149?
- An Act Providing for the Withdrawal from Circulation, by the Treasurer, of Worn-Out or Mutilated Circulating Notes Issued by the United States, or Any Banking Association therein (Act No. 149) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was An Act Providing for the Withdrawal from Circulation, by the Treasurer, of Worn-Out or Mutilated Circulating Notes Issued by the United States, or Any Banking Association therein enacted?
- An Act Providing for the Withdrawal from Circulation, by the Treasurer, of Worn-Out or Mutilated Circulating Notes Issued by the United States, or Any Banking Association therein (Act No. 149) was enacted on Jun 22, 1901.
- What is the citation for An Act Providing for the Withdrawal from Circulation, by the Treasurer, of Worn-Out or Mutilated Circulating Notes Issued by the United States, or Any Banking Association therein?
- An Act Providing for the Withdrawal from Circulation, by the Treasurer, of Worn-Out or Mutilated Circulating Notes Issued by the United States, or Any Banking Association therein, Act No. 149, Jun 22, 1901 (Philippines)
Law Information
- Reference Number
- Act No. 149
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 22, 1901
ACT NO. 149
AN ACT PROVIDING FOR THE WITHDRAWAL FROM CIRCULATION, BY THE TREASURER, OF WORN-OUT OR MUTILATED CIRCULATING NOTES ISSUED BY THE UNITED STATES, OR ANY BANKING ASSOCIATION THEREIN
SECTION 1. Whenever any worn-out or mutilated circulating notes issued by the Treasurer of the United States, or by any banking association in the United States organized under the "National Bank Act" of the United States, shall come into the Treasury of the Philippine Islands, it shall be the duty of the Insular Treasurer to withhold such notes from deposit in banks or further circulation in the Philippine Islands, and to cause them to be transmitted in convenient sums to the disbursing agent of the Government of the Philippine Islands resident in Washington, appointed by virtue of Act Numbered One hundred and twenty-nine, with directions to each agent to cause the redemption of such circulating notes by the United States Treasury, and to obtain in place thereof notes fit for use in accordance with law, and to pass the sums so remitted to the credit of the Insular Government in addition to the sum in his hands by virtue of said Act Numbered One hundred and twenty-nine, or by virtue of any further appropriations that may be made for the purposes specified in Act Numbered One hundred and twenty-nine. Upon the transmission of any sum to the disbursing agent at Washington, in compliance with the provisions of this Act, it shall be the duty of the Treasurer forthwith to notify the Commission of the sum transmitted, and the date thereof, to enable the Commission to pass the proper appropriation bill appropriating the money so transmitted for the use of the disbursing agent at Washington.
SECTION 2. Upon the receipt by the disbursing agent at Washington of any-worn-out or mutilated notes transmitted to him by the Treasurer of the Philippine Islands, in pursuance of the provisions of this Act, it shall be the duty of such agent forthwith to cause the notes so transmitted to be redeemed by the Treasurer of the United States in new notes fit for use, and to credit the Insular Government with the sum so received, and the sum so received shall be disbursed by him in the manner provided in the said Act Numbered One hundred and twenty-nine.
SECTION 3. The Insular Treasurer shall receive, at their face value, from all officials who by law are required to make payments to him, all worn-out or mutilated notes of the character described in section one, which are tendered to him in pursuance of law, whenever such notes are in such condition that they will be received by the Treasurer of the United States and redeemed by notes fit for use. The Insular Treasurer shall also receive and redeem at their face value, in notes fit for use, all worn-out or mutilated notes of the character described in section one, which may be tendered to him by any member of the public. All worn-out or mutilated notes received by virtue of this section shall be disposed of as provided in sections one and two.
SECTION 4. This Act shall take effect on its passage.
ENACTED, June 22, 1901.
Cite This Law
An Act Providing for the Withdrawal from Circulation, by the Treasurer, of Worn-Out or Mutilated Circulating Notes Issued by the United States, or Any Banking Association therein, Act No. 149, Jun 22, 1901 (Philippines)
An Act Providing for the Withdrawal from Circulation, by the Treasurer, of Worn-Out or Mutilated Circulating Notes Issued by the United States, or Any Banking Association therein, Act No. 149 (Phil. 1901)
Related Laws
- Prohibition Against Forging, Counterfeiting, Altering, or Fraudulent Making of Obligations and Securities of the United States or of the Philippine Islands and Related ActsAct No. 1754 • Oct 9, 1907 • Statutes
- An Act to Regulate the Currency System of the Philippine Islands and to Establish a Reserve Fund for the Same, Amending Therefor Certain Provisions of the Administrative CodeAct No. 2776 • May 6, 1918 • Statutes
- Retirement and Redemption of Circulating Notes Lawfully Issued by Philippine National BankRepublic Act No. 211 • Jun 1, 1948 • Statutes
- Redemption of Certain PNB Circulating NotesRepublic Act No. 831 • Aug 14, 1952 • Statutes
- Period Within Which Notes of the Philippine National Bank Should Be Presented to be Stamped or CountersignedCommonwealth Act No. 688 • Oct 15, 1945 • Statutes
- Redemption of PNB Circulating NotesRepublic Act No. 734 • Jun 18, 1952 • Statutes
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