[ Act No. 53, November 28, 1900 ]

AN ACT TO PREVENT DISCRIMINATION AGAINST MONEY OF THE UNITED STATES BY BANKING INSTITUTIONS.

By authority of the President of the United States, be it enacted by the United States Philippine Commission, that: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.SEC. 2. A willful violation of the requirement 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.SEC. 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.SEC. 4. This Act shall take effect on its passage.Enacted, November 28, 1900.

Source: Supreme Court E-Library