Full Title
AN ACT TO AMEND SECTION THIRTEEN OF REPUBLIC ACT NUMBERED SEVEN HUNDRED AND TWENTY, ENTITLED "AN ACT PROVIDING FOR THE CREATION, ORGANIZATION AND OPERATION OF RURAL BANKS, AND FOR OTHER PURPOSES."
Congress
House Bill No.
H. No. 4366
Legislative History
Date of Approval
September 9, 1955
Other Details
Issuance Category
Legislative Issuance Type
Bill Note
Link From Other Sources
URL (Supreme Court)
Official Gazette
Official Gazette Source
Official Gazette vol. 51 no. 10 page 4970 (10/00/1955)
Full Text of Issuance
Click to view full text
H. No. 4366 / 51 OG No. 10, 4970 (October, 1955)
[ REPUBLIC ACT NO. 1403, September 09, 1955 ]
AN ACT TO AMEND SECTION THIRTEEN OF REPUBLIC ACT NUMBERED SEVEN HUNDRED AND TWENTY, ENTITLED "AN ACT PROVIDING FOR THE CREATION, ORGANIZATION AND OPERATION OF RURAL BANKS, AND FOR OTHER PURPOSES."
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:SECTION 1. Section thirteen of Republic Act Numbered Seven hundred and twenty is hereby amended by adding a new paragraph thereof, to read as follows:
"In normal times, the Central Bank may rediscount against paper evidencing a loan granted by a rural bank to any of its customers which can be liquefied within a period of two hundred and seventy days."
SEC. 2. This Act shall take effect upon its approval. Approved, September 9, 1955.
Source: Supreme Court E-Library