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  accounts ­
  and  at  the  same  time  maintaining  an  account ­
  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  society, ­
  together  with  his  relation  thereto.  A  person ­
  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  depositor, ­
  or  as  a  member  of  some  charitable  or
provident  society.  If  the  statements  above  referred ­
  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  classifirector
  of  Posts  shall,  subject  in  each  case  to  the  catlon -
approval  of  the  Secretary  of  Commerce  and