Republic Acts
Republic Act No. 1403
PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW
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REPUBLIC
ACT NO. 1403
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REPUBLIC ACTS
| REPUBLIC ACT NO. 1403 - AN ACT TO
AMEND SECTION THIRTEEN OF REPUBLIC ACT NUMBERED SEVEN HUNDRED AND
TWENTY, ENTITLED "AN ACT PROVIDING FOR THE CREATION, ORGANIZATION AND
OPERATION OF RURAL BANKS, AND FOR OTHER PURPOSES" |
| Section 1.
Section thirteen of Republic Act Numbered Seven hundred and twenty is
hereby amended by adding a new paragraph thereof, to read as
follows: "In normal times, the Central
Bank may rediscount against paper evidencing a loan granted by a rural
bank to any of its customers which can be liquefied within a period of
two hundred and seventy days." Sec. 2. This Act shall take effect upon its approval.cralaw Approved: September 9, 1955 |
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