REPUBLIC OF THE PHILIPPINES
OFFICE OF THE PRESIDENT
MANILA

BY THE PRESIDENT OF THE REPUBLIC
OF THE PHILIPPINES

ORDINANCE NO. 22

EXEMPTING FROM TAXATION THE SHORT-TERM SECURITIES AUTHORIZED TO BE ISSUED UNDER ACT NUMBERED THIRTY-FIVE AND PROVIDING FOR THEIR ACCEPTANCE AT PAR AS SECURITY BY THE REPUBLIC OF THE PHILIPPINES IN ANY TRANSACTION THEREWITH IN WHICH SECURITY IS REQUIRED.

Whereas, there is an urgent necessity to give the short-term securities authorized to be issued under Act No. 35 the same advantages possessed by the long-term bonds issued under Act No. 18;

Now, therefore, I, Jose P. Laurel, President of the Republic of the Philippines, pursuant to Article III, section 14, of the Constitution, do hereby promulgate this Ordinance:

SECTION 1. The short-term securities authorized to be issued under Act No. 35 shall be exempt from taxation and shall be accepted at par as security by the Republic of the Philippines in any transaction therewith in which security is required.

SEC. 2. This Ordinance shall take effect upon its promulgation.

Done in the City of Manila, this 19th day of June, in the year of Our Lord, nineteen hundred and forty-four, and of the Republic of the Philippines, the first.

(Sgd.) JOSE P. LAUREL
President of the Republic
of the Philippines

By the President:
(Sgd.) PEDRO SABIDO
Executive Secretary

Source: Office of the Solicitor General Library