Administrative Order No. 150




MALACAÑAN PALACE MANILA BY THE PRESIDENT OF THE PHILIPPINES [ ADMINISTRATIVE ORDER NO. 150, September 10, 1941 ] AUTHORIZING THE FAR EASTERN SURETY AND INSURANCE CO., INC., TO BECOME A SURETY UPON OFFICIAL RECOGNIZANCES, STIPULATIONS, BONDS, AND UNDERTAKINGS WHEREAS, Section 1 of Act No. 536, as amended by Act No. 2206, provides that whenever any recognizance, stipulation, bond or undertaking conditioned for the faithful performance of any duty or of any contract made with any public authority, national, provincial, municipal or otherwise, or of any undertaking, or for doing, or refraining from doing anything in such recognizance, stipulation, bond, or undertaking specified, is by the laws of the Philippines or by the regulations or resolutions of any public authority therein, required or permitted to be given with one surety or with two or more sureties, the execution of the same or the guaranteeing of the performance of the condition thereof shall be sufficient when executed or guaranteed solely by any corporation organized under the laws of the Philippines, having power to guarantee the fidelity of persons holding positions of public or private trust, and to execute and guarantee bonds or undertakings in judicial proceedings and to agree to the faithful performance of any contracts or undertakings made with any public authority; WHEREAS, said section further provides that no head of Department, court, judge, officer, board or body executive, legislative or judicial, shall approve or accept any corporation as surety on any recognizance, stipulation, bond, contract, or undertaking, unless such corporation has been authorized to do business in the Philippines in the manner provided by the provisions of said Act No. 536, as amended, nor unless such corporation has by contract with the Government of the Commonwealth of the Philippines been authorized to become a surety upon official recognizances, stipulations, bonds, and undertakings; and WHEREAS, the Far Eastern Surety and Insurance Co., Inc., is a corporation organized and existing under the laws of the Commonwealth of the Philippines, and fulfills the conditions prescribed by said Act No. 536, as amended; NOW, THEREFORE, I, MANUEL L. QUEZON, President of the Philippines, by virtue of the powers in me vested hereby authorize the Far Eastern Surety and Insurance Co., Inc., to become a surety upon official recognizances, stipulations, bonds, and undertakings, under such conditions and in such manner as provided by law, except that the total amount of immigration bonds that it may issue shall not, at any time, exceed its admitted assets.1âшphi1 Done at the City of Manila, this 10th day of September, in the year of Our Lord, nineteen hundred and forty-one, and of the Commonwealth of the Philippines, the sixth. (Sgd.) MANUEL L. QUEZON President of the Philippines By the President: (Sgd.) JORGE B. VARGAS Secretary to the President The Lawphil Project - Arellano Law Foundation