Amendment to C.A. No. 726 Re: Extension of Coverage to Mutual Building and Loan Associations
Republic Act No. 64, enacted on October 17, 1946, amends Commonwealth Act No. 726 to include mutual building and loan associations under its provisions. It specifies that these associations may issue preferred shares of stock, while exempting them from certain requirements regarding capital and deposit liabilities. Additionally, it mandates that the Board cannot invest in these preferred shares until the association has assessed its financial condition and allocated any losses incurred during the enemy occupation among its shareholders. The Act took effect upon its approval and was not published in the Official Gazette.
Law Information
- Reference Number
- Republic Act No. 64
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
October 17, 1946
REPUBLIC ACT NO. 64
AN ACT AMENDING COMMONWEALTH ACT NUMBERED SEVEN HUNDRED AND TWENTY-SIX BY EXTENDING THE PROVISIONS THEREOF TO MUTUAL BUILDING AND LOAN ASSOCIATIONS UNDER CERTAIN CONDITIONS
SECTION 1. Commonwealth Act Numbered Seven hundred and twenty-six is amended by inserting, after section ten thereof, two new sections which shall read as follows:
"Sec. 10 (a). The term "bank" as used in this Act shall be deemed to include mutual building and loan associations: Provided, That the provisions of section eight, relative to the ratio to be maintained between the remaining unimpaired capital and surplus and the outstanding deposit liabilities, and the whole of sections nine and ten of this Act shall not be applicable to mutual building and loan associations: And provided, further, That mutual building and loan associations are authorized to issue preferred shares of stock as mentioned herein solely for the purposes of this Act.
"Sec. 10 (b). The Board shall not invest in preferred shares of any mutual building and loan association until after such association, with the approval of the Bank Commissioner, shall have ascertained its true financial condition and apportioned the loss incurred during the period of enemy occupation, if any, by prorating such loss among the shareholders of all classes according to the book value of all outstanding shares: Provided, That recoveries made of any loss incurred during the period of enemy occupation shall be distributed to all the shareholders against whom such loss has previously been charged."
SECTION 2. This Act shall take effect upon its approval.
Approved: October 17, 1946
Not published in the Official Gazette
Cite This Law
Amendment to C.A. No. 726 Re: Extension of Coverage to Mutual Building and Loan Associations, Republic Act No. 64, Oct 17, 1946 (Philippines)
Amendment to C.A. No. 726 Re: Extension of Coverage to Mutual Building and Loan Associations, Republic Act No. 64 (Phil. 1946)
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