Authority of Finance Secretary to Withdraw from Treasury Certificate Fund
Republic Act No. 86, enacted on October 29, 1946, authorizes the Secretary of Finance, with the President's approval, to withdraw excess funds from the Treasury Certificate Fund that surpass the legal reserve requirement. These funds, not exceeding one hundred million pesos, are to be appropriated for the Philippine government's subscriptions to the capital stock of the Rehabilitation Finance Corporation. The act enables the Secretary to make estimates for withdrawals pending a full determination of the treasury certificates in circulation. This legislation took effect upon its approval.
Law Information
- Reference Number
- Republic Act No. 86
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
October 29, 1946
REPUBLIC ACT NO. 86
AN ACT AUTHORIZING THE SECRETARY OF FINANCE TO WITHDRAW FROM THE TREASURY CERTIFICATE FUND SUCH SUMS AS ARE IN EXCESS OF THE LEGAL RESERVE REQUIREMENT, AND APPROPRIATING THE SAME TO PAY FOR SUBSCRIPTIONS OF THE GOVERNMENT OF THE REPUBLIC OF THE PHILIPPINES TO THE CAPITAL STOCK OF THE REHABILITATION FINANCE CORPORATION
SECTION 1. The Secretary of Finance, with the approval of the President, is hereby authorized to withdraw from the Treasury Certificate Fund such sums as may be found to be actually in excess of the legal reserve requirement for treasury certificates in circulation or available for circulation, after the completion of the stamping of such certificates in circulation as provided under Republic Act Numbered Seventeen. Pending the actual determination of the total value of the treasury certificates in circulation and available for circulation, the Secretary of Finance, with the approval of the President, is hereby authorized to withdraw from time to time from the Treasury Certificate Fund such sums as he may estimate are in excess of the legal reserve requirement for the treasury certificates in circulation and available for circulation: Provided, That these withdrawals shall not exceed a total of one hundred million pesos.
SECTION 2. All sums withdrawn by the Secretary of Finance from the Treasury Certificate Fund, as provided in the preceding section, are hereby appropriated to pay for subscriptions of the Government of the Republic of the Philippines to the capital stock of the Rehabilitation Finance Corporation. casia
SECTION 3. This Act shall take effect upon its approval.
Approved: October 29, 1946
Not published in the Official Gazette
Cite This Law
Authority of Finance Secretary to Withdraw from Treasury Certificate Fund, Republic Act No. 86, Oct 29, 1946 (Philippines)
Authority of Finance Secretary to Withdraw from Treasury Certificate Fund, Republic Act No. 86 (Phil. 1946)
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