[ Act No. 3744, November 24, 1930 ]

AN ACT TO AMEND SECTION THIRTY-THREE OF ACT NUMBERED TWENTY-FIVE HUNDRED AND EIGHT, AS AMENDED BY SECTION TWO OF ACT NUMBERED TWENTY-FIVE HUNDRED AND SIXTY-SIX, AND PROVIDING FOR THE REMUNERATION OF MUNICIPAL TREASURERS ACTING AS TREASURERS EX-OFFICIO OF RURAL CREDIT ASSOCIATIONS.

Be it enacted by the Senate and House of Representatives of the Philippines in Legislature assembled and by the authority of the same:SECTION 1. Section thirty-three of Act Numbered Twenty-five hundred and eight, as amended by section two of Act Numbered Twenty-five hundred and sixty-six, entitled "An Act regulating the creation and operation of rural, agricultural, cooperative associations, and for other purposes," is amended to read as follows:

"SEC. 33. Immediately after their election and each year thereafter upon a date to be fixed by the by-laws, the directors shall elect from amongst themselves a president and a secretary and shall appoint such other officers as the by-laws may prescribe, the treasurer of the municipality where the association is located to act as ex-officio treasurer of the association with such compensation as may be approved by the board of directors of the association with the approval of the Director of Plant Industry. The treasurer of the association shall not be eligible for election as a member of the board of directors. The directors and officers shall perform the duties intrusted to them by law or by the by-laws. A majority of the directors shall constitute a quorum for the transaction of the corporate business of the association, and every resolution of the majority of the quorum duly assembled in a meeting, shall be valid as a corporate act: Provided, That no loan shall be made except by affirmative vote of at least three members of the board."

SEC. 2. All acts or parts of acts inconsistent with the provisions of this Act are hereby repealed.SEC. 3. This Act shall take effect on its approval.Approved, November 24, 1930.

Source: Supreme Court E-Library