|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 thirteen of Republic Act Numbered Seven hundred and twenty is
hereby amended by adding a new paragraph thereof, to read as
"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