AN ACT TO AMEND SECTION TWO OF REPUBLIC ACT NUMBERED ONE THOUSAND EIGHT HUNDRED SIXTY-TWO, AND FOR OTHER PURPOSES.

REPUBLIC ACT No. 3462

AN ACT TO AMEND SECTION TWO OF REPUBLIC ACT NUMBERED ONE THOUSAND EIGHT HUNDRED SIXTY-TWO, AND FOR OTHER PURPOSES.

Section 1. Section two of Republic Act Numbered One thousand eight hundred sixty-two is hereby amended to read as follows:

"Sec. 2. Persons who were retired and paid gratuity under said Republic Act Numbered Three hundred forty, as amended, with effective date of retirement prior to June twenty-two, nineteen hundred fifty-seven, and who come within the purview of clauses (a) and (b) of the preceding section may, at their option, elect to receive in lieu of such gratuity paid to them the annual retirement pay as provided in Section two of the said Act; and upon making such election, said persons shall, subject to the provisions and limitations hereinafter provided, be entitled to receive said annual retirement. The option herein granted may be exercised within five years from the date of the approval of this amendatory Act by the widows and/or minor children of the said retirees who could not exercise the said option by reason of death."

Section 2. The sum of one hundred thirty thousand pesos is hereby appropriated, out of any funds in the National treasury not otherwise appropriated, for the payment of gratuity or annual retirement pension from March one, nineteen hundred sixty-one to June thirty, nineteen hundred sixty-three. Thereafter, the necessary sums for the said purpose shall be included in the annual General Appropriation Acts.

Section 3. This Act shall take effect upon its approval.

Approved: June 16, 1962.