Log inSign up
Legislation
Approved September 9, 1955More laws from 1955 →

Republic Act No. 1403

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"

Report problem

In plain language

This act allows the Central Bank to rediscount loans granted by rural banks to customers during normal times, provided the loans can be liquidated within two hundred seventy days.

REPUBLIC ACT No. 1403

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 Philippine 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.

Section 2

This Act shall take effect upon its approval.

Approved: September 9, 1955.

For information and research only, and not legal advice. This text may not reflect later amendments. For certified copies, refer to the Official Gazette or the issuing agency.