MALACAÑAN PALACE
MANILA
BY THE PRESIDENT OF THE PHILIPPINES
[ Administrative Order No. 353, June 6, 1961 ]
SUSPENDING THE EFFECTIVITY OF ADMINISTRATIVE ORDER NO. 164, DATED AUGUST 24, 1951
By virtue of the powers vested in me by law, I, CARLOS P. GARCIA, President of the Philippines, do hereby suspend the effectivity of Administrative Order No. 164, dated August 24, 1951, authorizing the Union Surety and Insurance Co., Inc., to become a surety upon official recognizances, stipulations, bonds, and undertakings, it appearing that said company is indebted to the Government in the amount of ?2,700,000.00 representing unpaid Obligations under surety bonds offered by it and forfeited to the Government for non-fulfillment of the obligations contracted thereunder.
The Union Surety and Insurance Co., Inc., is hereby given sixty (60) days from receipt of copy of this Order within which to submit an explanation for its failure to make good its obligation to the Government and/or to liquidate its obligations. If it fails to comply with this condition, its authority to act as surety shall be revoked.1aшphi1
Done in the City of Manila, this 6th day of June, in the year of Our Lord, nineteen hundred and sixty-one, and of the Independence of the Philippines, the fifteenth.
(Sgd.) CARLOS P. GARCIA
President of the Philippines
By the President:
(Sgd.) NATALIO P. CASTILLO
Executive Secretary
The Lawphil Project - Arellano Law Foundation
