22 U.S.C. § 1393 — Supplementary sinking fund for bond

Page 345 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 1393 1 See References in Text note below. 2 So in original. Probably should be ‘‘Treasury’’. Editorial Notes REFERENCES IN TEXT Date of independence, referred to in text, was July 4, 1946 as recognized by 1946 Proc. No. 2695, eff. July 4, 1946, set out as a note under section 1394 of this title. SUBCHAPTER VI—MISCELLANEOUS PROVISIONS § 1391. Transfer of property and rights to Phil- ippine Commonwealth All the property and rights which may have been acquired in the Philippine Islands by the United States under the treaties mentioned in the first section of this Act, except such land or other property as has heretofore been designated by the President of the United States for Mili- tary and other reservations of the Government of the United States, and except such land or other property or rights or interests therein as may have been sold or otherwise disposed of in accordance with law, are granted to the govern- ment of the Commonwealth of the Philippine Is- lands when constituted. (Mar. 24, 1934, ch. 84, § 5, 48 Stat. 459.) Editorial Notes REFERENCES IN TEXT Treaties mentioned in the first section of this Act, referred to in text, were treaty of peace between the United States and Spain of December 10, 1898, and trea- ty between Spain and the United States concluded at Washington, Nov. 7, 1900. The first section of this Act, referred to in text, is section 1 of act Mar. 24, 1934, which was classified to section 1231 of Title 48, Territories and Insular Posses- sions, and was omitted from the Code. Since their independence, the Philippine Islands have been a republic, and are no longer designated as a ‘‘Commonwealth’’, referred to in text. See note below. PRIOR PROVISIONS Provisions similar to those in this section were con- tained in act Jan. 17, 1933, ch. 11, § 5, 47 Stat. 764. Statutory Notes and Related Subsidiaries SEPARABILITY Act Mar. 24, 1934, ch. 84, § 16, 48 Stat. 464, provided: ‘‘If any provision of this Act [enacting this section and sec- tions 1281a, 1393 to 1395 of this title, amending sections 1231 to 1234, 1237 to 1239, 1241 to 1243, 1245, 1247, and 1248 of Title 48, Territories and Insular Possessions] is de- clared unconstitutional or the applicability thereof to any person or circumstances is held invalid, the valid- ity of the remainder of the act and the applicability of such provisions and circumstances shall not be affected thereby.’’ Executive Documents PHILIPPINE INDEPENDENCE Philippine Islands granted independence by Proc. No. 2695, which is set out as a note under section 1394 of this title. § 1392. Acquisition of military and naval bases by United States After negotiation with the President of the Commonwealth of the Philippines, or the Presi- dent of the Filipino Republic, the President of the United States is authorized by such means as he finds appropriate to withhold or to acquire and to retain such bases, necessary appur- tenances to such bases, and the rights incident thereto, in addition to any provided for by the Act of March 24, 1934, as he may deem necessary for the mutual protection of the Philippine Is- lands and of the United States. (June 29, 1944, ch. 322, § 2, 58 Stat. 626.) Editorial Notes REFERENCES IN TEXT Act of March 24, 1934, referred to in text, is act Mar. 24, 1934, ch. 84, 48 Stat. 456, which enacted sections 1281a, 1391, 1393 to 1395 of this title, and section 1248 of Title 48, Territories and Insular Possessions, amended sections 1231 to 1234, 1237, 1238, 1239, 1241 to 1243, 1245, and 1247 of Title 48, and enacted a provision set out as a note under section 1391 of this title. For complete classification of this Act to the Code, see Tables. Executive Documents PHILIPPINE INDEPENDENCE Philippine Islands granted independence by Proc. No. 2695, which is set out as a note under section 1394 of this title, and they now constitute a republic. § 1393. Supplementary sinking fund for bond payments; purchase of bonds by United States; creation of special trust account (a) to (f). Repealed. Apr. 30, 1946, ch. 244, title V, § 511(2), 60 Stat. 158. (g)(1) The Philippine Government shall pay to the Secretary of the Treasury of the United States, at the end of each calendar quarter, all of the moneys received during such quarter from export taxes (less refunds), imposed and col- lected in accordance with the provisions of this section, and said moneys shall be deposited in an account with the Treasurer of the United States and shall constitute a supplementary sinking fund for the payment of bonds of the Philippines, its Provinces, cities, and munici- palities, issued prior to May 1, 1934, under au- thority of Acts of Congress: Provided, however, That moneys received from any export tax im- posed on any article which is shipped from the Philippines to the United States prior to July 4, 1946, and which is entered, or withdrawn from warehouse for consumption, on or after July 4, 1946, shall be refunded by the independent Gov- ernment of the Philippines. (2) The said Secretary of the Treasury is au- thorized to accept the deposits of the proceeds of the export taxes referred to in subdivision (1) of this subsection in accordance with section 1333 1 of this title. (3) The Secretary of the Treasury of the United States, with the approval of the Phil- ippine Government, is authorized to purchase with such supplementary sinking-fund bonds of the Philippines, its Provinces, cities, and mu- nicipalities, issued prior to May 1, 1934, under authority of Acts of Congress and to invest such fund in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. Whenever the Secretary of the Treasurer 2 finds Page 346 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 1393 that such fund is in excess of an amount ade- quate to meet future interest and principal pay- ments on all such bonds, he may, with the ap- proval of the Philippine Government, purchase with such excess any other bonds of the Phil- ippines, its Provinces, cities, municipalities, and instrumentalities. For the purpose of this sub- section obligations may be acquired on original issue at par, or by purchase of outstanding obli- gations at the market price. Any obligations ac- quired by the fund may, with the approval of the Philippine Government, be sold by the Secretary of the Treasury at the market price and the pro- ceeds of such sale and the proceeds of the pay- ment upon maturity or redemption of any obli- gations held in the supplementary sinking fund, as well as all moneys in any manner earned by such fund or on any obligations acquired by said fund, shall be paid into the said fund. (4) During the three months preceding July 4, 1946, the Philippine Government and the Sec- retary of the Treasury of the United States shall confer to ascertain that portion of the bonds of the Philippines, its Provinces, cities, and mu- nicipalities, issued prior to May 1, 1934, under authority of Acts of Congress, which will remain outstanding on July 4, 1946; and the Philippine Government shall turn over to the Secretary of the Treasury of the United States for destruc- tion all such bonds that are then held, canceled, or uncanceled, in any of the sinking funds main- tained for the payment of such bonds. After such outstanding portion of this indebtedness is thus determined, and before July 4, 1946, (i) there shall be set up with the Treasurer of the United States a special trust account in the name of the Secretary of the Treasury of the United States to pay future interest and principal pay- ments on such bonds; (ii) the Philippine Govern- ment shall pay to the Secretary of the Treasury of the United States for deposit in this special trust account all of the sinking funds main- tained for the payment of such bonds; and (iii) the Secretary of the Treasury of the United States shall transfer into this special trust ac- count all of the proceeds of the supplementary sinking fund referred to in subdivision (1) of this subsection. Any portion of such special trust ac- count found by the Secretary of the Treasury of the United States on July 4, 1946, to be in excess of an amount adequate to meet future interest and principal payments on all such outstanding bonds shall be turned over to the Treasury of the independent Government of the Philippines to be set up as an additional sinking fund to be used for the purpose of liquidating and paying all other obligations of the Philippines, its Prov- inces, cities, municipalities, and instrumental- ities. To the extent that such special trust ac- count is determined by the Secretary of the Treasury of the United States to be insufficient to pay interest and principal on the outstanding bonds of the Philippines, its Provinces, cities, and municipalities, issued prior to May 1, 1934, under authority of Acts of Congress, the Phil- ippine Government shall, on or before July 3, 1946, pay to the Secretary of the Treasury of the United States for deposit in such special trust account an amount which said Secretary of the Treasury determines is required to assure pay- ment of principal and interest on such bonds: Provided, however, That if the Secretary of the Treasury of the United States finds that this re- quirement would impose an undue hardship upon the Philippines, then the Philippine Gov- ernment shall continue to provide annually the necessary funds for the payment of interest and principal on such bonds until such time as the Secretary of the Treasury of the United States determines that the amount in the special trust account is adequate to meet interest and prin- cipal payments on such bonds. (5) On and after July 4, 1946, the Secretary of the Treasury of the United States is authorized, with the approval of the independent Govern- ment of the Philippines, to purchase at the mar- ket price for the special trust account bonds of the Philippines, its Provinces, cities, and mu- nicipalities, issued prior to May 1, 1934, under authority of Acts of Congress. The Secretary of the Treasury of the United States is also author- ized, with the approval of the independent Gov- ernment of the Philippines, to invest all or any part of such special trust account in any inter- est-bearing obligations of the United States or in any obligations guaranteed as to both prin- cipal and interest by the United States. Such obligations may be acquired on original issue at the issue price or by purchase of outstanding ob- ligations at the market price, and any obliga- tions acquired by the special trust account may, with the approval of the independent Govern- ment of the Philippines, be sold by the Sec- retary 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 Phil- ippines, 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 pur- chased by the special trust account shall be can- celed and destroyed by the Secretary of the Treasury of the United States. From time to time after July 4, 1946, any moneys in such spe- cial 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 prin- cipal payments on all such bonds shall be turned over to the treasurer of the independent Govern- ment of the Philippines. (Mar. 24, 1934, ch. 84, § 6, 48 Stat. 459; Aug. 7, 1939, ch. 502, § 1, 53 Stat. 1226; Apr. 30, 1946, ch. 244, title V, § 511(2), 60 Stat. 158; Pub. L. 86–346, title I, § 104(1), Sept. 22, 1959, 73 Stat. 622.) Editorial Notes REFERENCES IN TEXT Section 1333 of this title, referred to in subsec. (g)(2), was omitted from the Code. PRIOR PROVISIONS Similar provisions were contained in act Jan. 17, 1933, ch. 11, § 6, 47 Stat. 764. Page 347 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 1394 AMENDMENTS 1959—Subsec. (g)(5). Pub. L. 86–346 substituted ‘‘on original issue at the issue price’’ for ‘‘on original issue at par’’. 1946—Act Apr. 30, 1946, repealed opening par. and sub- secs. (a) to (f), (h) relating to relations with the United States pending complete independence, and trade rela- tions. 1939—Act Aug. 7, 1939, amended section generally. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1946 AMENDMENT Amendment by act Apr. 30, 1946 effective May 1, 1946, see section 512 of act Apr. 30, 1946, set out as an Effec- tive Date note under section 1354 of this title. TERMINATION OF ACCEPTANCE OF DEPOSITS OF EXPORT TAXES Authority of Secretary of the Treasury to accept de- posits of proceeds of export taxes in accordance with section 1333 of this title terminated on July 1, 1951, under the provisions of act Aug. 7, 1946, ch. 809, § 2, 60 Stat. 901. § 1394. Recognition of Philippine independence (a) Withdrawal of American sovereignty On the 4th day of July immediately following the expiration of a period of ten years from the date of the inauguration of the new government under the constitution provided for in this Act, the President of the United States shall by proc- lamation withdraw and surrender all right of possession, supervision, jurisdiction, control, or sovereignty then existing and exercised by the United States in and over the territory and peo- ple of the Philippine Islands, including all mili- tary and other reservations of the Government of the United States in the Philippines (except such naval reservations and fueling stations as are reserved under section 1391 of this title), and, on behalf of the United States, shall recog- nize the independence of the Philippine Islands as a separate and self-governing nation and ac- knowledge the authority and control over the same of the government instituted by the people thereof, under the constitution then in force. (b) Naval reservations and fueling stations The President of the United States is author- ized and empowered to enter into negotiations with the government of the Philippine Islands, not later than two years after his proclamation recognizing the independence of the Philippine Islands, for the adjustment and settlement of all questions relating to naval reservations and fueling stations of the United States in the Phil- ippine Islands, and pending such adjustment and settlement the matter of naval reservations and fueling stations shall remain in its present sta- tus. (c) Property for diplomatic purposes (1) Whenever the President of the United States shall find that any properties in the Phil- ippines, owned by the Philippine Government or by private persons, would be suitable for diplo- matic 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, trans- fer to the said Government or private persons any properties of the United States in the Phil- ippines. 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 simple in such persons and the United States, respectively, notwithstanding the provi- sions contained in subsection (a) of this section. (2) Whenever, prior to July 4, 1946, the Presi- dent of the United States shall find that any properties of the United States in the Phil- ippines would be suitable for diplomatic and consular establishments of the United States after the inauguration of the independent Gov- ernment, he shall designate the same by the issuance of a proclamation or proclamations, and title to any properties so designated shall continue to be vested in fee simple in the United States notwithstanding the provisions contained in subsection (a) of this section. (3) Title to the lands and buildings pertaining to the official residences of the United States High Commissioner to the Philippine Islands in the cities of Manila and Baguio, together with all fixtures and movable objects, shall continue to be vested in the United States after July 4, 1946, notwithstanding the provisions contained in subsection (a) of this section. (4) Administrative supervision and control over any properties acquired or designated by the President of the United States pursuant to this subsection, and over the official residences in the Philippines of the High Commissioner, shall, on and after July 4, 1946, be exercised by the Secretary of State, in accordance with Acts of Congress relating to property held by the United States in foreign countries for official es- tablishments. (Mar. 24, 1934, ch. 84, § 10, 48 Stat. 463; Aug. 7, 1939, ch. 502, § 3, 53 Stat. 1230.) Editorial Notes REFERENCES IN TEXT This Act, referred to in subsec. (a), is act Mar. 24, 1934, ch. 84, 48 Stat. 456, which enacted sections 1281a, 1391, 1393 to 1395 of this title, and section 1248 of Title 48, Territories and Insular Possessions, amended sec- tions 1231 to 1234, 1237, 1238, 1239, 1241 to 1243, 1245, and 1247 of Title 48, and enacted a provision set out as a note under section 1391 of this title. For complete clas- sification of this Act to the Code, see Tables. PRIOR PROVISIONS Provisions similar to those contained in subsec. (a) of this section were contained in the first par. of section 10 of act Jan. 17, 1933, ch. 11, 47 Stat. 768. AMENDMENTS 1939—Subsec. (c). Act Aug. 7, 1939, added subsec. (c). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1939 AMENDMENT Act Aug. 7, 1939, ch. 502, § 7, 53 Stat. 1233, provided that act Aug. 7, 1939, should become effective on Jan. 1, 1940, if certain conditions were fulfilled. The conditions were fulfilled and section became effective on said date. INDEPENDENCE DATE ADVANCED Act June 29, 1944, ch. 322, § 3, 58 Stat. 626, provided in part that date of independence could be advanced prior to July 4, 1946, but it was not done.