[ Act No. 839, August 24, 1903 ]

AN ACT TO AMEND ACT NUMBERED FIFTY-TWO, ENTITLED "AN ACT PROVIDING FOR EXAMINATIONS OF BANKING INSTITUTIONS IN THE PHILIPPINE ISLANDS, AND FOR REPORTS BY THEIR OFFICERS."

By authority of the United States, be it enacted by the Philippine Commission, that:SECTION 1. Section three of Act Numbered Fifty-two, entitled "An Act providing for examinations of banking institutions in the Philippine Islands, and for reports by their officers," is hereby repealed and the following substituted therefor:

"SEC. 3. It shall be the duty of the Treasurer for the Islands, or of an authorized deputy by him appointed, personally at least once in every six months, and at such other times as he may deem expedient, to make an examination of the books of every such bank, of its cash and available assets in the Philippine Islands, and of its general condition and method of doing business, and he shall make report of the same to the Civil Governor, to the Philippine Commission, and to the Secretary of War."

SEC. 2. The public good requiring the speedy enactment of this bill, the passage of the same is hereby expedited in accordance with section two of "An Act prescribing the order of procedure by the Commission in the enactment of laws," passed September twenty-sixth, nineteen hundred.SEC. 3. This Act shall take effect on its passage.Enacted, August 24, 1903.

Source: Supreme Court E-Library