REPUBLIC ACT No. 4879
An Act to Amend Section Fifty-Three of Republic Act Numbered Three Hundred Thirty-Seven, Otherwise Known as "The General Banking Act"
Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:
Section 1
Section fifty-three of Republic Act Numbered Three hundred thirty-seven is hereby amended to read as follows:
> "Sec. 53. Mutual building and loan associations may purchase, hold, and convey real estate under the same conditions as those specified with reference to commercial banks in Section twenty-five of this Act. They may also acquire real estate for subdivision into residential lots, on each of which it must construct and erect a residential house for disposition by sales or lease exclusively to their members: Provided, That each association shall not invest more than twenty-five (25%) percent of its paid-in capital and surplus in the acquisition of real estate for subdivision purposes: Provided, further, That a member of any building and loan association shall acquire not more than one residential lot, subdivided under this Section: Provided, finally that the acquisition and resale or lease of real estate as provided for in this section shall be subject to the approval of two-thirds of all the members of the Board of Directors of the associations."
Section 2
This Act shall take effect upon its approval.
Approved: June 17, 1967.
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.