Full Title
AN ACT AUTHORIZING THE PHILIPPINE NATIONAL BANK TO WRITE UP THE VALUE OF CERTAIN ASSETS WHICH HAD BEEN CONSIDERED AS LOSSES AND WRITTEN OF IN PURSUANCE OF ACT NUMBERED THIRTY-ONE AND SEVENTY FOUR, TO PAY TO THE GOVERNMENT AN EQUIVALENT AMOUNT THEREOF, AND FOR OTHER PURPOSES.
Congress
1st National Assembly
Date of Approval
December 30, 1935

Other Details

Issuance Category
Legislative Issuance
Legislative Issuance Type
Commonwealth Act

Official Gazette

Official Gazette Source
Official Gazette vol. 34 no. 20 page 349 (2/15/1936)

Full Text of Issuance

[ Commonwealth Act No. 6, December 31, 1935 ]

AN ACT AUTHORIZING THE PHILIPPINE NATIONAL BANK TO WRITE UP THE VALUE OF CERTAIN ASSETS WHICH HAD BEEN CONSIDERED AS LOSSES AND WRITTEN OFF IN PURSUANCE OF ACT NUMBERED THIRTY-ONE HUNDRED AND SEVENTY-FOUR, TO PAY TO THE GOVERNMENT AN EQUIVALENT AMOUNT THEREOF, AND FOR OTHER PURPOSES.

Be it enacted by the National Assembly of the Philippines:SECTION 1. Whenever it is found that any of the assets that had been considered as losses and as such written off totally or partially in pursuance of the provisions of Act Numbered Thirty-one hundred and seventy-four shall have acquired a value in excess of that carried in its books, the Philippine National Bank may, subject to the supervision of the Auditor General and approval of the Secretary of Finance, write up said assets at their actual value and shall pay to the Government an amount equivalent to the increase in value of said assets. Such payment shall be credited to the Bank as reimbursement for losses charged to the Government under the provisions of Act Numbered Thirty-one hundred and seventy-four. SEC. 2. This Act shall take effect on its approval.Approved, December 31, 1935.

Source: Supreme Court E-Library