Republic Act No. 1413: 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"

Republic Act No. 1413

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"

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"

In plain language

This Act amends Section 13 of Republic Act No. 720 by adding a new paragraph that authorizes the Central Bank to rediscount paper evidencing a loan granted by a rural bank to its customers, provided the loan can be liquefied within 270 days. The Act takes effect upon approval.

Adds a new paragraph to Section 13 of RA 720 allowing the Central Bank to rediscount paper evidencing a loan granted by a rural bank to a customer that can be liquefied within 270 days.

Amendment

Rural Banks

Central Bank

Rediscounting

REPUBLIC ACT No. 1413

An Act Appropriating the Sum of Two Hundred Thousand Pesos for the Employment of Temporary Personnel in the Bureau of Posts During the Period from February to June, Nineteen Hundred Fifty-Six

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1

The sum of two hundred thousand pesos is hereby appropriated, out of any funds in the National Treasury of the Philippines not otherwise appropriated, for the employment of temporary personnel of the Bureau of Posts in Manila and in the different post offices in the Philippines during the period from February to June, nineteen hundred fifty-six.

Section 2

This Act shall take effect as of February 1, 1956.

Approved: April 21, 1956.

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.