Section 40
SEC. 40. Section seventy-four of the same Act is hereby amended to read as follows: "SEC. 74. Emergency restrictions on exchange operations. — Notwithstanding the provisions of the third paragraph of the preceding section, in order to achieve the objectives of the Central Bank as set forth in Section 2 of this Act, or protect the international reserve of the Central Bank in the imminence of, or during an exchange crisis, or in time of national emergency and to give the Monetary Board and the Government time in which to take constructive measures to forestall, combat, or overcome such a crisis or emergency, the Monetary Board with the concurrence of at least five of its numbers and with the approval of the President of the Philippines, may temporarily suspend or restrict sales of exchange by the Central Bank, may subject all transactions in gold and foreign exchange to license by the Central Bank, and may require that any foreign exchange thereafter obtained by any person residing or entity operating in the Philippines be delivered Lo the Central Bank or to any bank or agent designated by the Central Bank for the purpose, at the effective exchange rate or rates: Provided, however, Thai foreign currency deposits made under Republic Act Numbered Sixty-lour hundred and twenty-six shall be exempt from these requirements. The adoption of the emergency measures authorized in this section shall be subject to any executive and international agreements to which the Republic of the Philippines is a party."