Authority to Insular Treasurer to Invest Proceeds of Sale of Bonds for the Protection of the Financial Interests of the Government
Act No. 3723, approved on November 21, 1930, authorizes the Insular Treasurer of the Philippines to invest proceeds from the sale of government bonds in various secure financial instruments. These investments can include bonds issued by the Philippine government, the U.S. government, local government units, or securities guaranteed by either government. The investments are subject to the approval of the Secretary of Finance. The primary aim of this act is to safeguard the financial interests of the Philippine government.
Law Information
- Reference Number
- Act No. 3723
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
November 21, 1930
ACT NO. 3723
AN ACT AUTHORIZING THE INSULAR TREASURER TO INVEST THE PROCEEDS OF THE SALE OF THE BONDS FOR THE PROTECTION OF THE FINANCIAL INTERESTS OF THE GOVERNMENT UNDER ACT NUMBERED TWENTY-NINE HUNDRED AND NINETY-NINE IN THE MANNER PRESCRIBED THEREIN, AND FOR OTHER PURPOSES
SECTION 1. Subject to the approval of the Secretary of Finance, the Insular Treasurer is hereby authorized to invest the proceeds of the sale of the bonds for the protection of the financial interests of the Government issued under Act Numbered Twenty-nine hundred and ninety-nine in any or all of the following ways, and not otherwise:
(a) In bonds or other evidences of indebtedness of the Government of the Philippine Islands;
(b) In bonds or other evidences of indebtedness of the Government of the United States;
(c) In bonds or other evidences of indebtedness of a chartered city, province, or municipality of the Philippine Islands;
(d) In securities the principal and interest whereof are guaranteed by the Government of the United States or of the Philippine Islands.
SECTION 2. This Act shall take effect on its approval.
Approved, November 21, 1930.
Cite This Law
Authority to Insular Treasurer to Invest Proceeds of Sale of Bonds for the Protection of the Financial Interests of the Government, Act No. 3723, Nov 21, 1930 (Philippines)
Authority to Insular Treasurer to Invest Proceeds of Sale of Bonds for the Protection of the Financial Interests of the Government, Act No. 3723 (Phil. 1930)
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