Authority to Loan Funds of the Insular Treasury to Federal Reserve Banks
Act No. 4104, enacted on December 5, 1933, authorizes the Treasurer of the Philippine Islands to loan funds from the Insular Treasury to Federal Reserve Banks and member banks in the United States, upon the recommendation of the Secretary of Finance and approval of the Governor-General. These loans must be secured by first-class collateral and are repayable on demand with a notice period of up to ninety days. Additionally, these banks can qualify as depositories for Philippine government funds by providing a corporate surety bond, approved by the Secretary of War, in lieu of or alongside traditional collateral. The act took effect immediately upon approval.
Quick Answers
- What is Authority to Loan Funds of the Insular Treasury to Federal Reserve Banks about?
- Act No. 4104, enacted on December 5, 1933, authorizes the Treasurer of the Philippine Islands to loan funds from the Insular Treasury to Federal Reserve Banks and member banks in the United States, upon the recommendation of the Secretary of Finance and approval of the Governor-General. These loans must be secured by first-class collateral and are repayable on demand with a notice period of up to ninety days. Additionally, these banks can qualify as depositories for Philippine government funds by providing a corporate surety bond, approved by the Secretary of War, in lieu of or alongside traditional collateral. The act took effect immediately upon approval.
- What type of law is Act No. 4104?
- Authority to Loan Funds of the Insular Treasury to Federal Reserve Banks (Act No. 4104) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was Authority to Loan Funds of the Insular Treasury to Federal Reserve Banks enacted?
- Authority to Loan Funds of the Insular Treasury to Federal Reserve Banks (Act No. 4104) was enacted on Dec 5, 1933.
- What is the citation for Authority to Loan Funds of the Insular Treasury to Federal Reserve Banks?
- Authority to Loan Funds of the Insular Treasury to Federal Reserve Banks, Act No. 4104, Dec 5, 1933 (Philippines)
Law Information
- Reference Number
- Act No. 4104
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
December 5, 1933
ACT NO. 4104
AN ACT TO AUTHORIZE THE TREASURER OF THE PHILIPPINE ISLANDS, UPON RECOMMENDATION OF THE SECRETARY OF FINANCE AND APPROVAL OF THE GOVERNOR-GENERAL, TO LOAN CERTAIN FUNDS OF THE INSULAR TREASURY TO FEDERAL RESERVE BANKS AND MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM IN THE UNITED STATES UPON CERTAIN CONDITIONS; AND AUTHORIZING SUCH BANKS UNDER CERTAIN CONDITIONS TO QUALIFY AS DEPOSITORIES OF SAID FUNDS BY FURNISHING SURETY BONDS IN LIEU OF DEPOSITING COLLATERAL, OR IN ADDITION THERETO
SECTION 1. The Treasurer of the Philippine Islands is hereby authorized, upon recommendation of the Secretary of Finance and approval of the Governor-General, to loan, repayable on demand at not exceeding ninety days' notice, to Federal Reserve Banks and member banks of the Federal Reserve System in the United States, any funds of the Insular Treasury authorized by existing laws to be held on deposit in such banks, provided that each such loan shall be secured by first class collateral, approved by the Secretary of War, and deposited by the borrowing bank with the Chief or Acting Chief of the Bureau of Insular Affairs in Washington.
SECTION 2. Hereafter, Federal Reserve Banks and member banks of the Federal Reserve System in the United States, may be designated as depositories of the Government of the Philippine Islands and branches of the Philippine Treasury, respectively, as now provided by law, except that, in lieu of or in addition to the bonds or securities required by existing law to be deposited by the bank, the latter may be required, as a condition to such designation, to furnish a corporate surety bond, approved by the Secretary of War, in an amount in each case sufficient to cover all contemplated deposits in that institution and conditioned for full repayment thereof.
SECTION 3. This Act shall take effect upon its approval.
Approved, December 5, 1933.
Cite This Law
Authority to Loan Funds of the Insular Treasury to Federal Reserve Banks, Act No. 4104, Dec 5, 1933 (Philippines)
Authority to Loan Funds of the Insular Treasury to Federal Reserve Banks, Act No. 4104 (Phil. 1933)
Related Laws
- An Act to Authorize the Organization of Certain Banks in the Philippine Islands, and for Other PurposesAct No. 3154 • Mar 8, 1924 • Statutes
- Amendment to Revised Administrative Code Re: Issuance of Treasury CertificatesRepublic Act No. 108 • Jun 2, 1947 • Statutes
- Amendments to Act No. 2711 (Revised Administrative Code, as Amended)Act No. 4199 • Mar 16, 1935 • Statutes
- Reserve Bank in the PhilippinesCommonwealth Act No. 458 • Jun 9, 1939 • Statutes
- An Act to Regulate the Currency System of the Philippine Islands and to Establish a Reserve Fund for the Same, Amending Therefor Certain Provisions of the Administrative CodeAct No. 2776 • May 6, 1918 • Statutes
- An Act to Amend Certain Articles of Chapter 41 of the Administrative Code, as AmendedAct No. 3058 • Jun 13, 1922 • Statutes
Browse More Statutes
Explore other laws in the Statutes category.
View All StatutesNeed Help Understanding This Law?
Ask our AI assistant to explain provisions, implications, or related laws.
Ask AI About This Law