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Republic Act
Approved June 04, 1949

Republic Act No. 353

An act appropriating funds for the rehabilitation of domestic insurance companies.

An Act Appropriating Funds for the Rehabilitation of Domestic Insurance Companies.

In plain language

This act appropriates necessary funds from the National Treasury for the rehabilitation of domestic insurance companies in accordance with Executive Order No. 107, setting conditions on investment and crediting to the government’s subscription to the Rehabilitation Finance Corporation, and takes effect upon approval.

  • Appropriation of necessary sums from the National Treasury as per EO 107.
  • Conditions on investment requiring presidential authorization and certification by the Secretary of Finance.
  • Releases to be credited to the government’s subscription to the capital stock of the Rehabilitation Finance Corporation.
  • Act takes effect upon approval.
Appropriation
Insurance
Rehabilitation
Finance
Executive Order

[ REPUBLIC ACT NO. 353, June 04, 1949 ]

AN ACT APPROPRIATING FUNDS FOR THE REHABILITATION OF DOMESTIC INSURANCE COMPANIES.

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

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 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 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.

Section 2

This Act shall take effect upon its approval.

Approved, June 4, 1949.

For information and research only, and not legal advice. This text may not reflect later amendments. For certified copies, refer to the Official Gazette or the issuing agency.