OFFICE OF THE CHAIRMAN OF THE
EXECUTIVE COMMISSION

MALACAÑAN PALACE

BY THE CHAIRMAN OF THE EXECUTIVE COMMISSION

EXECUTIVE ORDER NO. 111

EXTENDING THE CORPORATE EXISTENCE OF THE BANK OF THE PHILIPPINE ISLANDS AND PRESCRIBING THE MANNER OF THE REDEMPTION OF ITS OUTSTANDING CIRCULATING NOTES.

Pursuant to the authority conferred upon me as Head of the Central Administrative Organization by Order No. 1 in connection with Order No. 3 of the Commander-in-Chief of the Imperial Japanese Forces in the Philippines, and upon the recommendation of the Executive Commission, it is hereby ordered that—

1. The corporate existence of the Bank of the Philippine Islands, a banking corporation now existing: under and by virtue of Act No. 1790, as amended by Acts Nos. 2132, 3330, and 3738, is hereby extended for a period of one year from January 1, 1943.

2. The Bank of the Philippine Islands shall deposit with the National Treasurer in lawful money of the Philippines the sum of ₱100,000 on January 1, 1943, and the sum of ₱800,000 on January 1, 1944, which sums shall be held by the National Treasurer to the credit of a special fund to be denominated “Notes of the Bank of the Philippine Islands Redemption Fund” and shall be available exclusively for the redemption of the said notes: Provided, That if within the one year extension period of the corporate existence of the Bank of the Philippine Islands above provided, a new corporation shall have been organized and authorized to do banking business in accordance with the existing laws, and such new corporation shall acquire all the assets and assume all the obligations, including the liability on account of circulating notes, of the presently existing Bank of the Philippine Islands, the required deposit of ₱800,000 on January 1, 1944, shall be waived and in its stead the new bank shall be required to deposit with the National Treasurer the following amounts on the dates indicated:

January 1, 1944 ₱100,000.00
January 1, 1945 200,000.00
January 1, 1946 200,000.00
January 1, 1947 300,000.00

Done in the City of Manila, Philippines, this 14th day of December, 1942.

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

Approved by the Director General of the Japanese Military Administration on December 14, 1942.

Source: Office of the Solicitor General Library