OFFICE OF THE CHAIRMAN OF THE EXECUTIVE
COMMISSION

MALACAÑAN PALACE

BY THE CHAIRMAN OF THE EXECUTIVE COMMISSION

EXECUTIVE ORDER NO. 44

REQUIRING ALL UNOPENED DOMESTIC BANKS TO REOPEN FOR THE SOLE PURPOSE OF COLLECTING LOANS, ADVANCES, RECEIVABLES AND OTHER CREDITS DUE, SUBJECT TO CERTAIN CONDITIONS.

Pursuant to the authority conferred upon me as Head of the Central Administrative Organization by Order No. 1 of the Commander-in-Chief of the Imperial Japanese Forces in the Philippines, and in accordance with Instruction No. 24 of the Director General of the Military Administration, it is hereby ordered:

1. That all unopened domestic banks shall reopen for the sole purpose of collecting loans, advances, receivables and other credits due the said institutions;

2. That a report of the amounts of cash collected by each bank shall be submitted to the Military Administration, through the Bureau of Financing, every 10th, 20th and last day of each month; and

3. That the budget of the necessary expenses in carrying out the work of collection by each bank shall be subject to the prior approval of the Military Administration.

Done in the City of Manila, Philippines, this 28th day of May, 1942.

(Sgd.) JORGE B. VARGAS
Chairman of the Executive Commission

Source: Office of the Solicitor General Library