Amendment to Par.3, Sec. 1637 of Act No. 2711 (Revised Administrative Code, as Amended)

August 16, 1935

ACT NO. 4233

AN ACT AMENDING THE THIRD PARAGRAPH OF SECTION SIXTEEN HUNDRED AND THIRTY-SEVEN OF THE REVISED ADMINISTRATIVE CODE, AS AMENDED BY ACT NUMBERED THIRTY-FIVE HUNDRED AND NINETEEN, PROVIDING FOR THE PAYMENT OF FEES BY ALL BANKING INSTITUTIONS SUBJECT TO INSPECTION BY THE BANK COMMISSIONER

SECTION 1. The third paragraph of section sixteen hundred and thirty-seven of the Revised Administrative Code, as amended by Act Numbered Thirty-five hundred and nineteen, is hereby further amended to read as follows:

"Within the first ten days of January and July of each year, every banking institution and every mutual building and loan association shall pay a fee to the Bank Commissioner in an amount equivalent to one-seventy-sixth of one per cent of the average total assets of such banking institution and/or mutual building and loan association during the preceding six months, but in no case shall such fee be less than fifty pesos: Provided, however, That the aggregate of such fees collected in any one year shall not exceed sixty-five thousand pesos. In the event that the proportion of fees based upon the average total assets of all banking institutions and/or mutual building and loan associations shall aggregate an amount in excess of sixty-five thousand pesos, in any one year, the ratio of the fee to the average total assets of all such banking institutions and/or mutual building and loan associations shall correspondingly be reduced. The Bank Commissioner shall, by regulation, prescribe the manner of determining the average total assets of banking institutions and mutual building and loan associations for the purpose of the payment of fees."

SECTION 2. This Act shall take effect beginning January first, nineteen hundred and thirty-five.

Approved, August 16, 1935.