CA 458 Section 25

Section 25

Sec. 25. An equivalent amount of notes shall be redeemed upon the sale of the corresponding securities delivered to the Treasurer of the Philippines, except when such securities are substituted by new ones of equal value. For the purposes of this section, it shall be sufficient for the Heserve Bank to deposit with the Treasurer of the Philippines lawful money in an amount equal to that of the outstanding notes, in substitution for the securities deposited as original guarantee. SECURITIES FOR LOANS NOT SUBJECT TO ATTACHMENT

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Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).

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