APPENDIX B 
153 
of Posts, open and maintain an account in the 
Postal Savings Bank. 
Sec. 4. No person or society shall have more 
than one account to his or its own credit in his 
or its own name upon penalty of forfeiting under 
due process of law twenty-five per centum of all 
deposits so held contrary to law : Provided, That 
the above provision shall not prevent a person 
from acting as trustee in any number of ac 
counts and at the same time maintaining an ac 
count of his own. 
Sec. 5. Upon opening an account with the Opening a 
Postal Savings Bank, a person must state his account avmgS 
name in full, his age, residence, occupation, and, 
in case the account is being opened in behalf of 
some other individual, or some society, the name, 
residence, or location of said individual or so 
ciety, together with his relation thereto. A per 
son upon opening an account with the Postal 
Savings Bank must declare that he has read or 
had read to him the rules and regulations of the 
Postal Savings Bank, and that he is willing to 
act in accordance therewith. Before receiving 
a deposit book he must sign a statement to the 
effect that he receives no benefit from any other 
account in the Postal Savings Bank, unless it be 
as a trustee, the representative of a deceased de 
positor, or as a member of some charitable or 
provident society. If the statements above re 
ferred to should be found to be false, twenty-five 
per centum of all sums deposited to the credit 
of the person making said false statements shall 
be liable to forfeiture by due process of law. 
Sec. 6. (a) Immediately upon the passage Creation of 
of this Act postal savings banks shall be es tab- £°a nk^and 
lished in Manila, Iloilo, and Cebu; and the Di- their classifi- 
rector of Posts shall, subject in each case to the catlon - 
approval of the Secretary of Commerce and