Assumption by the Central Bank of the liability for treasury coins.
Section 136
SEC. 136. Assumption by the Central Bank of the liability for treasury coins.—On the date on which the Central Bank commences business, the total Philippine treasury coin issue, including coins dumped in Manila Bay but not yet salvaged, shall become a liability of the Bank. As a contra item against the liability thereby assumed there shall be set up on the books of the Central Bank an asset account in an amount equal to the face value of the total Philippine treasury coin issue. This account shall be called the "Account to Secure the Coinage." The Central Bank shall, as soon as practicable, exchange treasury coins in circulation for Central Bank coins in accordance with the procedure described in section 59 of this Act. When the Monetary Board has completed the exchange of treasury coins for its own coins and has thereby determined the precise amount of the liability which it originally assumed for the treasury coin issue, the outstanding amount of the Account to Secure the Coinage shall be reduced by the difference between the original amount of the Account and the amount of the liability as finally determined.