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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. 60 -
AUTHORIZING THE MAKATI INSURANCE COMPANY, 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, 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
same or the guaranteeing solely 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 of 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 head of department,
judge, officer, board or body, whether 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
accordance with 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, MAKATI INSURANCE COMPANY, 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, CORAZON C. AQUINO, President of the Philippines, by
virtue of the powers vested in me by law, do hereby authorize the
MAKATI INSURANCE COMPANY, INC., to become a surety upon official
recognizances, stipulations, bonds and undertakings in such manner and
under such conditions as are provided by law, subject to the conditions
that the total amount of government bonds that it may issue shall not,
at any time, exceed its admitted assets and that the contributed
surplus fund shall not, at any time, be withdrawn and paid back in cash
to the contributing stockholders without prior recommendation and
justification by the Insurance Commissioner duly approved by the
Secretary of Finance.
Done in the City of Manila,
this 18th day of February in the year of Our Lord, nineteen hundred and
eighty-eight.
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