An Act to Amend Act Numbered Fifty-Two, Entitled "An Act Providing for Examinations of Banking Institutions in the Philippine Islands, and for Reports by their Officers"
Act No. 839, enacted on August 24, 1903, amends a prior banking regulation by repealing Section 3 of Act Numbered 52. It mandates that the Treasurer or an appointed deputy must conduct examinations of banking institutions in the Philippines at least every six months, assessing their books, cash, assets, and overall business condition. The Treasurer is required to report findings to the Civil Governor, the Philippine Commission, and the Secretary of War. The Act emphasizes the urgency of its implementation for public welfare and takes effect immediately upon passage.
Law Information
- Reference Number
- Act No. 839
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
August 24, 1903
ACT NO. 839
AN ACT TO AMEND ACT NUMBERED FIFTY-TWO, ENTITLED "AN ACT PROVIDING FOR EXAMINATIONS OF BANKING INSTITUTIONS IN THE PHILIPPINE ISLANDS, AND FOR REPORTS BY THEIR OFFICERS"
SECTION 1. Section three of Act Numbered Fifty-two, entitled "An Act providing for examinations of banking institutions in the Philippine Islands, and for reports by their officers," is hereby repealed and the following substituted therefor:
"SEC. 3. It shall be the duty of the Treasurer for the Islands, or of an authorized deputy by him appointed, personally at least once in every six months, and at such other times as he may deem expedient, to make an examination of the books of every such bank, of its cash and available assets in the Philippine Islands, and of its general condition and method of doing business, and he shall make report of the same to the Civil Governor, to the Philippine Commission, and to the Secretary of War."
SECTION 2. The public good requiring the speedy enactment of this bill, the passage of the same is hereby expedited in accordance with section two of "An Act prescribing the order of procedure by the Commission in the enactment of laws," passed September twenty-sixth, nineteen hundred.
SECTION 3. This Act shall take effect on its passage.
ENACTED, August 24, 1903.
Cite This Law
An Act to Amend Act Numbered Fifty-Two, Entitled "An Act Providing for Examinations of Banking Institutions in the Philippine Islands, and for Reports by their Officers", Act No. 839, Aug 24, 1903 (Philippines)
An Act to Amend Act Numbered Fifty-Two, Entitled "An Act Providing for Examinations of Banking Institutions in the Philippine Islands, and for Reports by their Officers", Act No. 839 (Phil. 1903)
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