Republic Act No. 17

Section 1.
The Reserve Vault Committee provided for in Section sixteen hundred twenty-five (e) of the Revised Administrative Code is hereby authorized and directed to cause the official seal of the Republic of the Philippines to be stamped, printed or superimposed on all the un-issued treasury certificates in its possession and on all treasury certificates that will hereafter come into its possession, and shall not issue or cause to be issued any treasury certificate that has not previously been so stamped, printed or superimposed with the official seal of the Republic of the Philippines. The Reserve Vault Committee shall determine the manner of affecting the above purpose.

Section 2.
The Treasurer of the Philippines, as well as the treasurers of the provinces, chartered cities and municipalities and also all banks duly authorized to do business in the Philippines are hereby directed to deliver or present all treasury certificates in their possession which have not been previously marked as above provided to the Committee for exchange with treasury certificates that have been so previously marked.

Section 3.
Every person holding or possessing, in whatever capacity, treasury certificates not duly marked as above provided, shall present the same on or before November thirtieth, nineteen hundred and forty-six, for exchange with treasury certificates that have been duly marked as herein provided, to the Treasurer of the Philippines, to the treasurer of any province, chartered city, or municipality, or to any bank duly authorized to do business in the Philippines.

Section 4.
It shall be the duty of the Treasurer of the Philippines, the treasurer of any province, chartered city, or municipality, and the cashier and tellers of any bank doing business in the Philippines, upon presentation by any person of treasury certificates that have not been marked with the official seal of the Republic of the Philippines, to exchange such treasury certificates with those that have been previously marked that are in his possession at the time the presentation is made.

Section 5.
On December first, nineteen hundred and forty-six, the Treasurer of the Philippines, the treasurers of the provinces, chartered cities and municipalities, and all banks doing business in the Philippines shall make a list of all treasury certificates in their possession that have not been duly marked with the official seal of the Republic of the Philippines, showing the denominations thereof, series, number and amount, and transmit the said list in a sealed envelope to the Committee. The respective treasurers and banks shall, within the month of December nineteen hundred and forty-six, present the treasury certificates appearing in the said list to the Committee for exchange with treasury certificates that have been duly marked with the official seal of the Republic of the Philippines.

Section 6.
Treasury certificates not marked as hereinabove provided shall, after November thirtieth, nineteen hundred and forty-six, not be legal tender for the purposes of Section sixteen hundred and twelve of the Revised Administrative Code.

Section 7.
The President of the Philippines is hereby authorized to extend the periods provided for in Sections three, five, and six of this Act for periods of one month in each case, but in no case to exceed a total of three months, if in his opinion, public interest warrants such extension.

Section 8.
This Act shall be published not only in the Official Gazette but also in newspapers of general circulation to be determined by the Secretary of Finance. It shall be the duty of the treasurers of provinces, cities and municipalities to post and keep posted copies of this Act and in conspicuous places in the buildings where they have their offices during the period fixed herein for the presentation of treasury certificates for exchange.

Section 9.
This Act shall take effect upon its approval.