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Act
Approved June 17, 1961

Republic Act No. 3128

An act to amend section fourteen of republic act numbered seven hundred twenty, otherwise known as the rural banks act

An Act to Amend Section Fourteen of Republic Act Numbered Seven Hundred Twenty, Otherwise Known as the Rural Banks Act

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In plain language

Amends Section 14 of the Rural Banks Act to exempt rural banks with net assets not exceeding 700,000 pesos from all taxes, charges and fees.

  • Exemption from all taxes, charges and fees for rural banks with net assets <= 700,000 pesos
tax exemption
rural banks
amendment

REPUBLIC ACT No. 3128

An Act to Amend Section Fourteen of Republic Act Numbered Seven Hundred Twenty, Otherwise Known as the Rural Banks Act

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

Section 1

Section fourteen of Republic Act Numbered Seven hundred twenty, otherwise known as the Rural Banks Act, is hereby amended to read as follows:

"Sec. 14. All Rural Banks created and organized under the provisions of this Act, with net assets not exceeding seven hundred thousand pesos, excluding the counterpart capital subscribed and paid in by the government under sections seven and eight of this Act, shall be exempt from the payment of all taxes, charges and fees of whatever nature and description.

Section 2

This Act shall take effect upon its approval.

Approved: June 17, 1961.

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.