exceeding five years and by a fine of not less than one thousand nor more than five thousand pesos. SEC. 54. No loan shall be granted by the Agricultural and Industrial Bank to a corporation, partnership, or company wherein any member of its Board of Directors is a shareholder, agent or employee in any manner, except by the unanimous vote of the members of the Board, excluding the member interested. The total liabilities to the Agricultural and Industrial Bank of any corporation wherein any of the members of the Board of Directors is a shareholder, agent, or employee in any manner, shall at no time exceed five per centum of the paid-up capital of the Bank. Any director of the Agricultural and Industrial Bank who knowingly violates the provisions of this section shall immediately be removed by the President of the Philippines and he shall, furthermore, be punished as provided in the next preceding section. SEC. 55. No fee, commission, gift, or charge of any kind shall be exacted, demanded, or paid, for obtaining loans from the Agicultural and Industrial Bank and any officer, employee, or agent of the Agricultural and Industrial Bank exacting, demanding, or receiving any fee for service in obtaining a loan, shall be punished by a fine of not less than one hundred nor more than six thousand pesos or imprisonment for not less than one month nor more than three years, or both, at the discretion of the court. SEC. 56. Anyone who, for the purpose of obtaining, renewing, or increasing a loan or the extension of the period thereof in his own or another's behalf, should give out any false information or cause through his intrigues or machinations the existence and production of any false information with regard to the identity, situation, production, or value of the security, or with regard to a point which would affect the granting or denial of the loan, whether the latter has been consummated or not, and every officer or employee of the Agricultural and Industrial Bank, who, through connivance or negligence, should allow by action or omission such false information to pass unnoticed, thereby caus ing damage to the Bank or exposing the latter to the danger of suffering such damage, shall be punished with imprisonment for not less than three months nor more than three years, and a fine not less than the amount of the loan obtained or desired nor more than three times such amount. SEC. 57. Any officer or employee of the Agricultural and Industrial Bank who knowingly violates, or permits any of the officers, agents, or servants of said Bank or any other person to violate any of the provisions of this Act not specially punished in the preceding sections, and any person violating any provision of this Act or aiding and abetting the violation thereof, shall be punished with a fine not to exceed ten thousand pesos or with imprisonment not to exceed five years, or both, at the discretion of the court. SEC. 58. This Act shall take effect upon its approval. Approved, June 9, 1939. о SECOND NATIONAL ASSEMBLY Second Session [COMMONWEALTH ACT No. 554] B. No. 1912 AN ACT TO LIQUIDATE THE MUNICIPAL LOAN FUND, THE PRIVATE SURVEYORS' LOAN FUND, AND THE FRIAR LANDS LOAN FUND. Be it enacted by the National Assembly of the Philippines: SECTION 1. The Municipal Loan Fund, created under Act Numbered Thirty-nine hundred and thirty-two, the Private Surveyors' Loan Fund, created under Act Numbered Thirty-three hundred and twenty-seven, as amended, and the Friar Lands Loan Fund, created under Act Numbered Seventeen hundred and thirty-six, are declared under process of liquidation. All amounts existing to the credit of the Municipal Loan Fund, remaining uninvested at the time of the approval of this Act shall revert to the bond funds created under Acts Numbered Twenty-nine hundred and forty and Three thousand and thirteen, and all amounts existing to the credit of the Private Surveyors' Loan Fund and the Friar Lands Loan Fund, remaining uninvested at the time of the approval of this Act, shall revert to the general funds of the Philippine Treasury. SEC. 2. All loans outstanding at the date of the approval of this Act shall be collected in accordance with the terms and conditions under which they were granted until they are paid in full, and any amount or amounts so collected on account of the Municipal Loan Fund shall likewise revert to the bond funds mentioned in the preceding section, and any amount or amounts collected on account of the Private Surveyors' Loan Fund and the Friar Lands Loan Fund shall likewise revert to the general funds of the Philippine Treasury. SEC. 3. This Act shall take effect upon its approval. 43672 О TENTH PHILIPPINE LEGISLATURE First Session [No. 4199] S. No. 112 AN ACT TO AMEND SECTIONS SIXTEEN HUNDRED ELEVEN, SIXTEEN HUNDRED TWELVE, SIXTEEN HUNDRED TWENTY-ONE, SIXTEEN HUNDRED TWENTY-TWO, SIXTEEN HUNDRED TWENTY-THREE, SIXTEEN HUNDRED TWENTY-FOUR, SIXTEEN HUNDRED TWENTY-SIX, AND SIXTEEN HUNDRED TWENTY-SEVEN OF CHAPTER FORTY-ONE OF THE REVISED ADMINISTRATIVE CODE, AS AMENDED BY ACT NUMBERED THREE THOUSAND FIFTY-EIGHT, APPROVED JUNE THIRTEEN, NINETEEN HUNDRED TWENTY-TWO, TO PROVIDE FOR AN "EXCHANGE STANDARD FUND" IN PLACE OF THE "GOLD STANDARD FUND," AND FOR OTHER PURPOSES. Be it enacted by the Senate and House of Representatives of the Philippines in Legislature assembled and by the authority of the same: SECTION 1. Sections sixteen hundred eleven, sixteen hundred twelve, sixteen hundred twenty-one, sixteen hundred twenty-two, sixteen hundred twenty-three, sixteen hundred twenty-four, sixteen hundred twenty-six, and sixteen hundred twenty-seven of Chapter Forty-one of the Revised Administrative Code, as amended by Act Numbered Three thousand fifty-eight, approved June thirteen, nineteen hundred twenty-two, are hereby amended to read as follows: "SEC. 1611. Unit of monetary value in Philippine Islands. The unit of monetary value in the Philippine Is 288554 lands shall be the peso; two pesos shall be equal in value to one dollar in any currency which is legal tender for public and private debts in the United States. "SEC. 1612. Legal tender.-The Philippine peso and halfpesos including Philippine Treasury Certificates of any denomination shall be legal tender at the rate of one dollar for two pesos for all debts public and private. Philippine subsidiary coins of twenty centavos and ten centavos shall be legal tender in amounts not exceeding twenty pesos. Philippine minor coins of nickel and copper shall be legal tender in amounts not exceeding two pesos. "SEC. 1621. Powers and duties of Insular Treasurer in respect to maintenance of parity.-For the purpose of maintaining the parity of the Philippine peso, with the legal tender currency of the United States, and of keeping the currency equal in volume only to the demands of trade, the Insular Treasurer is hereby authorized and directed "(a) On demand, at the Insular Treasury in Manila, to sell for Philippine currency offered in sums of not less than ten thousand pesos, or currency issued by and/or under the authority of the United States, offered in sums of not less than five thousand dollars, exchange for equivalent amounts on the 'Exchange Standard Fund' deposited in the United States, charging for the same such a premium as may from time to time be determined by the Secretary of Finance with the approval of the Governor-General; and the Insular Treasurer is further authorized and directed to instruct any depositories of funds of the Philippine Government in the United States to sell on demand, in sums of not less than ten thousand pesos, exchange against the 'Exchange Standard Fund' in the Philippine Islands, charging for the same such a premium as may from time to time be determined by the Secretary of Finance with the approval of the GovernorGeneral, rendering accounts therefor to the Insular Treasurer and the Insular Auditor. All such dealings in exchange shall constitute operations through the 'Exchange Standard Fund' hereinafter provided for. "(b) To exchange at par, on the approval of the Secretary of Finance, currency issued by and/or under the 288554 |