and the secretary of the board, shall, by direction of the board, execute necessary papers for the relea se, sale, or transfer of investments, securities, lands, buildings and other property acquired as herein provided. EHaCTA SECTION  1222 . Duties of Chief of Division . — The superintendent, postal savings bank division shall, under the direction of the Director of Posts, have immediate supervision over all matters pertaining to the bank. He shall keep a separate set of books dea ling solely with the operations of the bank, and make monthly and annual statements thereof to the Director of Posts and the chairman of the board and perform such other duties as the Director of Posts may require. [1493-2 ( a ).] SECTION  1223 . Guaranty to Depositor . — The Philippine Government guarantees to return to each depositor all money, with the interest accrued thereon, deposited by him in the bank in accordance with law. SECTION  1224 . Deposits Not Subject to Taxation . — No deposit shall be subject to taxation by the Philippine Government or by any provincial or municipal government. [1493-17.] SECTION  1225 . Deposits Not Liable to Attachment . — Deposits which do not aggregate more than five hundred pesos shall not be liable to attachment upon mesne process in any case except where the cause of action is founded on fraud. [1493-17 ( c ).] SECTION  1226 . Deposit Books and Certificates Not Valid as Security . — No deposit book, certificate of deposit, or other evidence of deposit in the bank shall be used as security for loan, debt, or obligation of any kind except certificates for guaranty dep osits which shall be used only for the specific purpose for which they are issued. [1493-17 ( b ).] When it appears that a deposit book or other evidence of deposit is being held as security contrary to law, the Director of Posts shall have authority to seize such deposit book or other evidence of deposit and restore it to the owner or to declare such de posit book or other evidence of deposit null and void, and to issue a duplicate thereof to the lawful owner. ASTcaE 363 Copyright 2012 CD Technologies Asia, Inc. and Accesslaw, Inc. Philippine Law Encyclopedia 2011