PUBLIC LAWS-CH. 502-AUG. 7 , 1939
Investment in U. S.
interest-bearing obli-
gations, etc.
Payment from trust
account of principal
and interest on certain
bonds.
Excess, after July 4,
1946, to be turned over
to independent Gov-
ernment of the Phil-
ippines.
Certificate to ac-
company article
shipped from Philip-
pines after Jan. 1,1941,
subject to export tax.
48 Stat. 462.
48 U. S. C.§ 1238.
Rights and privi-
leges of citizens and
corporations of the
Philippine Islands
pending final with-
drawal of U. S . sov-
ereignty.
48Stat. 463.
48U. S. C.§ 1240.
Diplomatic or con-
sular establishments.
Exchanges of prop-
erties for.
cities, and municipalities, issued prior to May 1, 1934, under author-
ity of Acts of Congress. The Secretary of the Treasury of the United
States is also authorized, with the approval of the independent
Government of the Philippines, to invest all or any part of such
special trust account in any interest-bearing obligations of the United
States or in any obligations guaranteed as to both principal and
interest by the United States. Such obligations may be acquired on
original issue at par or by purchase of outstanding obligations at
the market price, and any obligations acquired by the special trust
account may, with the approval of the independent Government of
the Philippines, be sold by the Secretary of the Treasury at the
market price, and the proceeds of the payment upon maturity or
redemption of such obligations shall be held as a part of such special
trust account. Whenever the special trust account is determined by
the Secretary of the Treasury of the United States to be adequate to
meet interest and principal payments on all outstanding bonds of
the Philippines, its Provinces, cities, and municipalities, issued prior
to May 1, 1934, under authority of Acts of Congress, the Secretary
of the Treasury is authorized to pay from such trust account the
principal of such outstanding bonds and to pay all interest due and
owing on such bonds. All such bonds and interest coupons paid or
purchased by the special trust account shall be canceled and destroyed
by the Secretary of the Treasury of the United States. From time
to time after July 4, 1946, any moneys in such special trust account
found by the Secretary of the Treasury of the United States to be
in excess of an amount adequate to meet interest and principal pay-
ments on all such bonds shall be turned over to the treasurer of the
independent Government of the Philippines.
"(h) No article shipped from the Philippines to the United States
on or after January 1, 1941, subject to an export tax provided for
in this section, shall be admitted to entry in the United States until
the importer of such article shall present to the United States col-
lector of customs a certificate, signed by a competent authority of
the Philippine Government, setting forth the value and quantity of
the article and the rate and amount of the export tax paid, or shall
give a bond for the production of such certificate within six months
from the date of entry."
SEC. 2 . Section 8 of the said Act of March 24, 1934, is hereby
amended by adding thereto a new subsection as follows:
"(d) Pending the final and complete withdrawal of the sovereignty
of the United States over the Philippine Islands, except as other-
wise provided by this Act, citizens and corporations of the Philip-
pine Islands shall enjoy in the United States and all places subject
to its jurisdiction all of the rights and privileges which they respec-
tively shall have enjoyed therein under the laws of the United States
in force at the time of the inauguration of the Government of the
Commonwealth of the Philippine Islands."
SEC. 3 . Section 10 of the said Act of March 24, 1934, is hereby
amended by adding the following subsection thereto:
"(c) (1) Whenever the President of the United States shall find
that any properties in the Philippines, owned by the Philippine
Government or by private persons, would be suitable for diplomatic
or consular establishments of the United States after the inauguration
of the independent Government, he may, with the approval of the
Philippine Government, and in exchange for the conveyance of title
to the United States, transfer to the said Government or private per-
sons any properties of the United States in the Philippines. Title
to any properties so transferred to private persons, and title to any
properties so acquired by the United States, shall be vested in fee
1230
[53 STAT.
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