Section 46
SEC. 46. The Governor-General may designate banking institutions in the Philippine Islands as depositories of the Government thereof upon their filing with him satisfactory evidence of their financial responsibility and such security as he shall require and approve. Such institutions may deposit their securities with the Bureau of Insular Affairs of the War department. Washington. District of Columbia, in the event of which, if found satisfactory by the Secretary of War. he may approve the same, and designate such institutions as depositories of the Government of the Philippine Islands and advise the Governor-General that such banking institutions have made deposits of bonds or other securities as security for the deposit of funds of the Government of the Philippine Islands, stating the amount of such bonds or securities so deposited; and that he has approved the same. The Secretary of War may designate banking institutions in the United States as depositories of the Government of the Philippine Islands, after they have filed in the Bureau of Insular Affairs of the War Department, Washington. District of Columbia, sufficient evidence of their sound financial condition and deposited bonds of the United States or of the Government of the Philippine Islands or other security satisfactory to the Secretary of War in such amounts as may be designated by him; and no banking institution shall In designated a depositors of the Government of the Philippine Islands until the foregoing conditions have been complied with.