Republic Act No. 1415: Republic act no. 1405

In plain language

The act declares the policy of the government to encourage deposits in banks, prohibits disclosure or inquiry into deposits, imposes penalties for violations, repeals inconsistent laws, and takes effect upon approval.

Deposits are confidential

No disclosure by banking officials

Penalties up to 5 years imprisonment or 20,000 pesos fine

Repeal of inconsistent laws

Effective upon approval

banking

confidentiality

penalties

legislation

REPUBLIC ACT No. 1415

An Act Creating the Municipality of Bacolod in the Province of Lanao

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

Section 1

The barrios of Bacolod, Rupagan, Minaolon, Dimologan, Binuni, Liangan West, Esperanza, Cahayag, Camp One, Camp Three, Mati East and West, Pagawayan, Babalaya-Matabaogan, Dilabayan and Barogohan East are separated from the municipality of Kolambugan, Province of Lanao, and constituted into a new and regular municipality to be known as the Municipality of Bacolod in the same province, with the seat of government at the poblacion of Bacolod.

Section 2

The first mayor, vice-mayor and councilors of the new municipality shall be appointed by the President of the Philippines and shall hold office until their successors shall have been elected and shall have duly qualified.

Section 3

This Act shall take effect upon its approval.

Approved: May 10, 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.