Establishment of Government Service Insurance System.
Section 3
SEC. 3. Establishment of Government Service Insurance System.—In order to promote the efficiency and welfare of the employees of the Government of the Philippines and to replace the present pension systems established in Acts Numbered Sixteen hundred and thirty-eight, Thirty hundred and fifty, and Thirty-one hundred and seventy-three, as amended, there is hereby established an institution to be known as the "Government Service Insurance System." All personnel, facilities, equipment, and leases, and all records, files, correspondence, and other papers of the liquidated pension funds above referred to, as well as all their respective funds, properties, and assets, including their contracts and other obligations and instruments, which under the provisions of the several acts prescribing for the liquidation of said funds are applicable to the payment of premiums on the insurance policies as herein provided, are hereby transferred to and made a part of the "Government Service Insurance System," to be administered and disposed of by the Government Service Insurance Board herein created and established, subject to the provisions of this Act and of those Acts providing for the liquidation of said funds.