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Presidential Decree No. 75

Presidential Decree No. 75

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution as Commander-in-Chief of all the Armed Forces of the Philippines, and pursuant to Proclamation No. 1081, dated September 21, 1972, and General Order No. 1, dated September 22, 1972, as amended, do hereby adopt and make as part of the law of the land certain amendments to the provisions of Republic Act No. 2361 entitled "An Act Reverting to the General Funds of the Nation

Section 1

Section 1. Section one of Republic Act Numbered Twenty-three hundred sixty-one, entitled "An Act Reverting to the General Funds of the National Government the Cash Balances of Certain Special or Revolving Fund under certain Conditions," is hereby amended as follows:

"Sec. 1. Any provision of law to the contrary notwithstanding, the whole or any such portion of any outstanding cash balance of any special or revolving fund upon certification by the Auditor General, as determined by him from the financial statements periodically submitted to the General Auditing Office, to the effect that the fund has completely stopped operation for the last two years or that the balance has remained intact or dormant for the same number of years, is hereby transferred to the general funds of the national government, and written report of such transfer shall immediately be given by the Auditor General to the President of the Philippines, the Secretary of Finance, the Commissioner of the Budget and the Treasurer of the Philippines."

Secton 2. Effectivity. This Decree shall take effect immediately.

Done in the City of Manila, this 6th day of November, in the year of Our Lord, nineteen hundred and seventy-two.