Republic Acts
Republic Act No. 2702
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REPUBLIC
ACT NO. 2702
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REPUBLIC ACTS
| REPUBLIC ACT NO. 2702 - AN ACT
APPROPRIATING YEARLY SEVEN MILLION PESOS FROM THE NET PROFITS OF THE
CENTRAL BANK PAID INTO THE GENERAL FUND OF THE GOVERNMENT TO FORM PART
OF THE REVOLVING RURAL BANKS TRUST FUND |
| Section 1. For
the purpose of carrying out the objectives of Rural Banks Act (Republic
Act Numbered Seven hundred twenty, as amended), which is to promote and
expand the rural economy in an orderly and effective manner by the
establishment of a system of rural banks which will place within easy
reach and access of the people credit facilities on reasonable terms,
the sum of seven million pesos is hereby appropriated yearly from the
net profits of the Central Bank paid into the General Fund of the
Government under Section forty-one (d) of the Central Bank Act
(Republic Act Numbered Two hundred sixty-five), which sum together with
the payments to the Rural Banks Trust Fund from the "Counterpart Fund"
and "Special Accounts" authorized under Republic Act Numbered Six
hundred and four, including the interest which will accrue thereon,
shall constitute a revolving fund to be made available to the
Development Bank of the Philippines to be used for the purpose of
subscribing to preferred shares of stock of rural banks and of granting
loans to such banks under Sections seven and twelve, respectively, of
the Rural Banks Act (Republic Act Numbered Seven hundred twenty, as
amended): Provided, however, That, in the grant or disposition of the
government capital assistance, priority shall be given to newly
organized rural banks. Sec. 2. This Act shall take effect upon its approval. Approved:
June 18, 1960 |
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