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PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
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ADMINISTRATIVE ORDERS
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ADMINISTRATIVE ORDER NO. 35 -
AUTHORIZING THE GREAT DOMESTIC INSURANCE COMPANY OF THE PHILIPPINES,
INC. TO BECOME A SURETY UPON OFFICIAL RECOGNIZANCES, STIPULATIONS,
BONDS AND UNDERTAKINGS
WHEREAS, Sec. 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, regional, city, provincial, municipal or
otherwise, or of any undertaking, or for the 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
contract or undertaking made with any public authority;
WHEREAS, said section further provides that no lead 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
Philippines, been authorized to become a surety upon official
recognizances, stipulations, bonds, and undertakings; and
WHEREAS, the GREAT DOMESTIC INSURANCE COMPANY OF THE PHILIPPINES, INC.,
is a domestic corporation organized and existing under the laws of the
Republic of the Philippines and fulfills the conditions prescribed by
said Act No. 536, as amended.
NOW, THEREFORE, I, JOSEPH EJERCITO ESTRADA, President of the
Philippines, by virtue of the power in me vested by law, do hereby
authorize the GREAT DOMESTIC INSURANCE COMPANY OF THE PHILIPPINES,
INC., to become a surety upon official recognizances, stipulations,
bonds and undertaking in such manner and under such conditions as are
provided by law, except that the total amount in any single immigration
bonds that it may issue shall not, at any time, exceed its admitted
assets.
Done in the City of Manila,
Philippines, this 13th day of November in the year of Our Lord,
Nineteen Hundred and Ninety-Eight.
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