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72d CONGRESS . SESS. II. CH. 11. JAN UA RY 17, 1933 . ti Bon ds and obliga - SEC . 9. There shall be no obligation on the part of the United States to meet the interest or principal of bonds and other obligations of the government of the Philippine Islands or of the Provincial and municipal governments thereof, hereafter issued during the con- tinuance of United States sovereignty in the Philippine Islands : N t'exempt fr om Pro vi ded , Tha t such bo nds and o bligation s hereaft er issued shall no t taxation .
be exempt from taxation in the United States or by authority of the United States . Recognition of Inds . RECOGNI TION OF PHILIPPINE INDEPENDENCE AND WITHDRAWAL OF pendence, etc. AMERICAN SOVEREIGNTY Effective date . SEC. 10. On the 4th day of July, immediately following the expira- tion of a period of ten years from the date of the inauguration of the new government under the constitution provided for in this Act, the ,etc..to be wi made by p proclalam a- Preside nt of the Un ited S tates shall by proc lamati on wit hdraw and tion.
surrender all right of possession, supervision jurisdiction, , control, or sovereignty then existing and exercised by t to United States in and over the territory and people of the Philippine Islands, including all military and other reservations of the Government of the Unite Reservations. Ante, p . 784. States in the Philippines (except such land or property reserved -under section 5 as may be redesignated by the President of the United States no t later t han two y ears afte r the dat e of such proclama tion), and, on b ehalf of the Unite d States, shall re cognize t he indepe ndence of the Philip pine I slands as a separa te and self-g overni ng nat ion and acknowledge the authority and control over the same of the gov- ernment instituted by the people thereof, under the constitution c Con dit ion s.
then in forge : Provided, That the constitution has been previously amended to include the following provisions Proper ty righ ts . (1) That the property rights of the United States and the Philip- pine Is lands shall be pro mptly adjust ed and settle d, and that all existing property rights of citizens or corporations of the United States shall be acknowledged, respected, and safeguarded to the same extent as property rights of citizens of the Philippine Islands . oa si Qusliacations of o>ji-
(2) That the officials elected and serving under the constitution s. adopted pursuant to the provisions of this Act shall be constitutional officer s of t he fre e and indepe ndent governm ent of the P hilipp ine Islands and qualified to function in all respects as if elected directly under such government, and shall serve their full terms of office as Assumption ofdebts, prescribe d I That the edebtst et c. and liabi lities of the Phil ippine Is lands, it s Provinces , cities, municipa lities, a nd instru mentaliti es, which shall be valid and subsisting at the time of the final and complete with- drawal of the sovereignty of the United States, shall be-assumed by the free and independent government of the Philippine Islands ; and that where bonds have been issued under authority of an Act of Con- gress of the United States by the Philippine Islands, or any Prov- ince, city, or municipality therein, the Philippine government will make adequate provision for the necessary funds for the payment of intere st and pr incipal, and such obligatio ns shall be a firs t lien on the taxe s collect ed in the Philippi ne Islan ds . (4 ) That the g overnm ent of the P hilipp ine' Is lands, on be coming Obligations assumed . a ssumed independent of the United States, will assume all continuing obliga- tions assumed by the United States under the treaty of peace with Spain ceding said Philippine Islands to the United States . (5) That by way of further assurance the government of the Phil- Piednat t reaty. be em- ' ippine ine Islans will embody the foregoing provisions (except para- graph (2)) in a treaty with the United States.
