Amendment to R.A. No. 720 (Rural Banks' Act)

June 19, 1964 REPUBLIC ACT NO. 4106 AN ACT TO FURTHER AMEND SECTION FOURTEEN OF REPUBLIC ACT NUMBEREDSEVEN HUNDRED TWENTY, AS AMENDED, OTHERWISE KNOWN AS THE RURAL BANKS' ACT SECTION 1. Section fourteen of Republic Act Numbered Seven hundred twenty, as amended, otherwise known as the Rural Banks' Act, is hereby further amended to read as follows: cd i "SEC. 14. All rural banks created and organized under the provisions of this Act, with net assets not exceeding one million pesos excluding the counterpart capital subscribed and paid in by the government under Sections seven and eight of this Act, shall be exempt from the payment of all taxes, charges and fees of whatever nature and description." SECTION 2. This Act shall take effect upon its approval. Approved: June 19, 1964 Published in the Official Gazette , Vol . 61 , No . 12 , p . 1649 on March 22 , 1965