Prohibition Against Discrimination Against Money of the United States by Banking Institutions
Act No. 53, enacted on November 28, 1900, mandates that all banks in the Philippine Islands must accept deposits in both United States currency and local currencies, and must honor checks or repay deposits in the currency in which they were made. Violations of this requirement can lead to penalties for bank managers or officers, including fines up to $5,000 or imprisonment for up to one year. However, banks are allowed to refuse very small deposits deemed unprofitable, as long as they do not discriminate between currencies. This act aims to prevent discrimination against U.S. currency by banking institutions.
Law Information
- Reference Number
- Act No. 53
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
November 28, 1900
ACT NO. 53
AN ACT TO PREVENT DISCRIMINATION AGAINST MONEY OF THE UNITED STATES BY BANKING INSTITUTIONS
SECTION 1. Every bank of deposit in the Philippine Islands shall accept deposits both in the money of the United States and in Mexican or other local money, and shall honor checks on or repay such deposits in the kind of money in which they are made.
SECTION 2. A willful violation of the requirements of this Act shall subject the manager or officer of the bank causing such violation, or taking part in it, to a punishment for each offense by a fine of not more than five thousand dollars, or by imprisonment for not more than one year, or both, in the discretion of the court.
SECTION 3. Nothing herein contained shall prevent a bank or its officers from declining in good faith to accept deposits so small in amount as to be unprofitable, but a discrimination in that respect between Mexican or other local money and that of the United States shall be deemed to be a violation of the requirements of this Act. SDAaTC
SECTION 4. This Act shall take effect on its passage.
ENACTED, November 28, 1900.
Cite This Law
Prohibition Against Discrimination Against Money of the United States by Banking Institutions, Act No. 53, Nov 28, 1900 (Philippines)
Prohibition Against Discrimination Against Money of the United States by Banking Institutions, Act No. 53 (Phil. 1900)
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