Appropriation of Funds for Rehabilitation of Domestic Insurance Companies
Republic Act No. 353, enacted on June 4, 1949, appropriates funds for the rehabilitation of domestic insurance companies in the Philippines. The Act authorizes the use of funds from the National Treasury, contingent upon prior approval from the President and certification from the Secretary of Finance. It stipulates that any released funds will be credited to the government's subscription to the capital stock of the Rehabilitation Finance Corporation. The Act aims to support the recovery of the insurance sector as outlined in Executive Order No. 107.
Law Information
- Reference Number
- Republic Act No. 353
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 4, 1949
REPUBLIC ACT NO. 353
AN ACT APPROPRIATING FUNDS FOR THE REHABILITATION OF DOMESTIC INSURANCE COMPANIES
SECTION 1. Such sums as may be necessary to carry into effect the provisions of Executive Order Numbered One hundred and seven of the President of the Philippines, dated April twenty, nineteen hundred and forty-six, are hereby appropriated out of any funds in the National Treasury not otherwise appropriated: Provided, That no amount shall be set up in the books of the General Auditing Office or otherwise made available for the investment unless previously authorized by the President of the Philippines, upon certification of the Secretary of Finance that the sum involved is necessary for the rehabilitation of domestic insurance companies on recommendation of the Bank and Insurance Commissioner: And provided, further, That any amount released under the provision of this Act for the purposes provided for in Executive Order Numbered One hundred and seven, dated April twenty, nineteen hundred and forty-six, as amended, shall be credited to the subscription of the Government of the Republic of the Philippines to the capital stock of the Rehabilitation Finance Corporation. aisa dc
SECTION 2. This Act shall take effect upon its approval.
Approved: June 4, 1949
Published in the Official Gazette, Vol. 45, No. 6, p. 2410 in June 1949
Cite This Law
Appropriation of Funds for Rehabilitation of Domestic Insurance Companies, Republic Act No. 353, Jun 4, 1949 (Philippines)
Appropriation of Funds for Rehabilitation of Domestic Insurance Companies, Republic Act No. 353 (Phil. 1949)
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