PUBLIC LAWS-CH. 502-AUG. 7 , 1939 Investment in U. S. interest-bearing obli- gations, etc. Payment from trust account of principal and interest on certain bonds. Excess, after July 4, 1946, to be turned over to independent Gov- ernment of the Phil- ippines. Certificate to ac- company article shipped from Philip- pines after Jan. 1,1941, subject to export tax. 48 Stat. 462. 48 U. S. C.§ 1238. Rights and privi- leges of citizens and corporations of the Philippine Islands pending final with- drawal of U. S . sov- ereignty. 48Stat. 463. 48U. S. C.§ 1240. Diplomatic or con- sular establishments. Exchanges of prop- erties for. cities, and municipalities, issued prior to May 1, 1934, under author- ity of Acts of Congress. The Secretary of the Treasury of the United States is also authorized, with the approval of the independent Government of the Philippines, to invest all or any part of such special trust account in any interest-bearing obligations of the United States or in any obligations guaranteed as to both principal and interest by the United States. Such obligations may be acquired on original issue at par or by purchase of outstanding obligations at the market price, and any obligations acquired by the special trust account may, with the approval of the independent Government of the Philippines, be sold by the Secretary of the Treasury at the market price, and the proceeds of the payment upon maturity or redemption of such obligations shall be held as a part of such special trust account. Whenever the special trust account is determined by the Secretary of the Treasury of the United States to be adequate to meet interest and principal payments on all outstanding bonds of the Philippines, its Provinces, cities, and municipalities, issued prior to May 1, 1934, under authority of Acts of Congress, the Secretary of the Treasury is authorized to pay from such trust account the principal of such outstanding bonds and to pay all interest due and owing on such bonds. All such bonds and interest coupons paid or purchased by the special trust account shall be canceled and destroyed by the Secretary of the Treasury of the United States. From time to time after July 4, 1946, any moneys in such special trust account found by the Secretary of the Treasury of the United States to be in excess of an amount adequate to meet interest and principal pay- ments on all such bonds shall be turned over to the treasurer of the independent Government of the Philippines. "(h) No article shipped from the Philippines to the United States on or after January 1, 1941, subject to an export tax provided for in this section, shall be admitted to entry in the United States until the importer of such article shall present to the United States col- lector of customs a certificate, signed by a competent authority of the Philippine Government, setting forth the value and quantity of the article and the rate and amount of the export tax paid, or shall give a bond for the production of such certificate within six months from the date of entry." SEC. 2 . Section 8 of the said Act of March 24, 1934, is hereby amended by adding thereto a new subsection as follows: "(d) Pending the final and complete withdrawal of the sovereignty of the United States over the Philippine Islands, except as other- wise provided by this Act, citizens and corporations of the Philip- pine Islands shall enjoy in the United States and all places subject to its jurisdiction all of the rights and privileges which they respec- tively shall have enjoyed therein under the laws of the United States in force at the time of the inauguration of the Government of the Commonwealth of the Philippine Islands." SEC. 3 . Section 10 of the said Act of March 24, 1934, is hereby amended by adding the following subsection thereto: "(c) (1) Whenever the President of the United States shall find that any properties in the Philippines, owned by the Philippine Government or by private persons, would be suitable for diplomatic or consular establishments of the United States after the inauguration of the independent Government, he may, with the approval of the Philippine Government, and in exchange for the conveyance of title to the United States, transfer to the said Government or private per- sons any properties of the United States in the Philippines. Title to any properties so transferred to private persons, and title to any properties so acquired by the United States, shall be vested in fee 1230 [53 STAT.
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