An Act to Repeal Section Nineteen Hundred and Eighty-Nine, as Amended, and Amend Section Two Thousand and Two, as Amended, of the Revised Administrative Code
Commonwealth Act No. 198, approved on November 18, 1936, repeals Section 1989 of the Revised Administrative Code and amends Section 2002 concerning dormant bank accounts. It mandates that the Secretary of Public Works and Communications, on the recommendation of the Director of Posts, declare bank accounts dormant if there have been no transactions for ten years. Following this declaration, a list of depositors with dormant accounts must be published weekly for three consecutive weeks in two Manila newspapers, detailing the depositor's name, beneficiary (if applicable), outstanding deposit amount, and relevant dates. The act aims to ensure transparency regarding dormant accounts and their management.
Quick Answers
- What is An Act to Repeal Section Nineteen Hundred and Eighty-Nine, as Amended, and Amend Section Two Thousand and Two, as Amended, of the Revised Administrative Code about?
- Commonwealth Act No. 198, approved on November 18, 1936, repeals Section 1989 of the Revised Administrative Code and amends Section 2002 concerning dormant bank accounts. It mandates that the Secretary of Public Works and Communications, on the recommendation of the Director of Posts, declare bank accounts dormant if there have been no transactions for ten years. Following this declaration, a list of depositors with dormant accounts must be published weekly for three consecutive weeks in two Manila newspapers, detailing the depositor's name, beneficiary (if applicable), outstanding deposit amount, and relevant dates. The act aims to ensure transparency regarding dormant accounts and their management.
- What type of law is Commonwealth Act No. 198?
- An Act to Repeal Section Nineteen Hundred and Eighty-Nine, as Amended, and Amend Section Two Thousand and Two, as Amended, of the Revised Administrative Code (Commonwealth Act No. 198) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was An Act to Repeal Section Nineteen Hundred and Eighty-Nine, as Amended, and Amend Section Two Thousand and Two, as Amended, of the Revised Administrative Code enacted?
- An Act to Repeal Section Nineteen Hundred and Eighty-Nine, as Amended, and Amend Section Two Thousand and Two, as Amended, of the Revised Administrative Code (Commonwealth Act No. 198) was enacted on Nov 18, 1936.
- What is the citation for An Act to Repeal Section Nineteen Hundred and Eighty-Nine, as Amended, and Amend Section Two Thousand and Two, as Amended, of the Revised Administrative Code?
- An Act to Repeal Section Nineteen Hundred and Eighty-Nine, as Amended, and Amend Section Two Thousand and Two, as Amended, of the Revised Administrative Code, Commonwealth Act No. 198, Nov 18, 1936 (Philippines)
Law Information
- Reference Number
- Commonwealth Act No. 198
- Date Enacted
- Category
- Statutes
- Subcategory
- Commonwealth Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
November 18, 1936
COMMONWEALTH ACT NO. 198
AN ACT TO REPEAL SECTION NINETEEN HUNDRED AND EIGHTY-NINE, AS AMENDED, AND AMEND SECTION TWO THOUSAND AND TWO, AS AMENDED, OF THE REVISED ADMINISTRATIVE CODE
SECTION 1. Section nineteen hundred and eighty-nine, as amended, of the Revised Administrative Code is hereby repealed.
SECTION 2. Section two thousand and two of the Revised Administrative Code, as amended, is hereby further amended to read as follows:
"SEC. 2002. Dormant accounts. — On the first day of January nineteen hundred and thirty-seven and every years thereafter, the Secretary of Public Works and Communications, upon recommendation of the Director of Posts shall declare any bank account dormant when there have been no deposit, withdrawal, or other transaction at the request of the depositor for ten years after the end of the fiscal year in which the account was opened, or for ten years after stipulation period named in the application when the account was opened.
"Immediately following the declaration by the Secretary of Public Works and Communications, as above provided, the Director of Posts shall publish, once a week for three consecutive weeks in at least two newspapers of general circulation in the City of Manila, one in English and one in Spanish, a list, arranged in alphabetical order, of the depositors in whose names said accounts are carried in the books of the bank, and said list shall, among other things, contain:
"(a) The name of the depositor and his beneficiary if one had been nominated.
"(b) The amount and date of the outstanding deposit.
"(c) The date when the person in whose favor the deposit stands died, if known, or the date when he made his last deposit or withdrawal.
"(d) The interest due on such deposit, if any, and the amount thereof."
SECTION 3. This Act shall take effect upon its approval.
Approved, November 18, 1936.
Cite This Law
An Act to Repeal Section Nineteen Hundred and Eighty-Nine, as Amended, and Amend Section Two Thousand and Two, as Amended, of the Revised Administrative Code, Commonwealth Act No. 198, Nov 18, 1936 (Philippines)
An Act to Repeal Section Nineteen Hundred and Eighty-Nine, as Amended, and Amend Section Two Thousand and Two, as Amended, of the Revised Administrative Code, Commonwealth Act No. 198 (Phil. 1936)
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