PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW LIBRARY
REPUBLIC ACTS
|
REPUBLIC ACT NO. 3778 - AN ACT TO
AMEND SECTION THREE OF REPUBLIC ACT NUMBERED SEVEN HUNDRED TWENTY,
OTHERWISE KNOWN AS THE RURAL BANK'S ACT
|
|
Section
1. Section Three of Republic Act Numbered Seven
Hundred Twenty, otherwise known as the Rural Bank's Act, is hereby
amended to read as follows:
"Sec.
3. In furtherance of this policy, the Monetary
Board of the Central Bank of the Philippines shall formulate the
necessary rules and regulations governing the establishment and
operation of rural banks for the purpose of providing adequate credit
facilities to small farmers and merchants, or to cooperatives of such
farmers or merchants, and to supervise the operation of such banks:
Provided, however, That only one rural bank shall be established in a
single municipality or city: Provided, further, That where the Monetary
Board finds that the existing rural bank is unable to meet the credit
needs of the locality, said bank shall be allowed a period of six
months, extendable for not more than six months, at the discretion of
the Monetary Board, within which to increase its capitalization, after
which and upon failure to comply with the said requirements, the
Monetary Board shall allow the establishment of another rural bank in
the same locality."
Sec. 2. This Act shall take effect upon its approval. Approved: June 22, 1963. |
chanroblesvirtuallawlibrary
