Republic Act No. 89: An act to amend section four of commonwealth act numbered five hundred and sixty-five by withdrawing the exemption granted in favor of co-operative associations referred to therein from the payment of taxes

Republic Act No. 89

An act to amend section four of commonwealth act numbered five hundred and sixty-five by withdrawing the exemption granted in favor of co-operative associations referred to therein from the payment of taxes

An Act to Amend Section Four of Commonwealth Act Numbered Five Hundred and Sixty-Five by Withdrawing the Exemption Granted in Favor of Co-Operative Associations Referred to Therein from the Payment of Taxes

In plain language

This act amends Section 4 of Commonwealth Act 565 to remove the tax exemption granted to co-operative associations, making them subject to the Corporation Law and existing laws regulating such associations.

Section 4 of CA 565 is amended to apply the Corporation Law and existing laws regulating co-operative associations.

The act takes effect upon approval.

Taxation

Co-operative Associations

Republic Act

Amendment

REPUBLIC ACT No. 89

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

Section 1

Section four of Commonwealth Act Numbered Five hundred and sixty-five is hereby amended to read as follows:

> "Sec. 4. The provisions of the Corporation Law and of existing laws regulating agricultural or other co-operative associations, as are not inconsistent with the provisions of this Act, shall apply to the co-operative associations herein authorized."

Section 2

This Act shall take effect upon its approval.

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.