Republic Act No. 4910: An act amending section twenty-seven of republic act numbered three hundred thirty-seven, otherwise known as the general banking act

In plain language

Amends Section 27 of Republic Act No. 337 (General Banking Act) to allow commercial banks to establish branches and agencies abroad with prior approval of the Monetary Board, imposes an eight-hour daily operating limit, and treats a bank and its branches as a single unit.

Permits commercial banks to establish branches and agencies outside the Philippines with prior approval of the Monetary Board

Banks are responsible for all business conducted in such branches to the same extent as in the head office

Imposes an eight-hour daily operating limit for banks and their branches and extension offices

Treats a bank and its branches as a single unit for regulatory purposes

banking

bank regulation

foreign branches

operating hours

REPUBLIC ACT No. 4910

An Act Amending Section Twenty-Seven 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 twenty-seven of Republic Act Numbered three hundred thirty-seven, otherwise known as the General Banking Act, is hereby amended to read as follows:

"Sec. 27. Any commercial bank organized under the laws of the Philippines may, with the prior approval of the Monetary Board, establish branches in the Philippines or branches and agencies outside the Philippines, and the bank shall be responsible for all business conducted in such branches to the same extent and in the same manner as though such business had all been conducted in the head office. The hours and times during which all types of banks with their branches and extension offices are to conduct and transact their business shall not exceed eight hours a day to be selected by the banking institution concerned between eight oclock in the morning to eight oclock in the evening, which time shall be reported to the Monetary Board.
"For the purposes of this Act, a bank and its branches shall be treated as a unit.

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.