Amendment to R.A. No. 337 (The General Banking Act)
Republic Act No. 4879, enacted on June 17, 1967, amends Section 53 of the General Banking Act (Republic Act No. 337) to allow mutual building and loan associations to purchase, hold, and convey real estate under conditions similar to those for commercial banks. The Act permits these associations to acquire real estate for subdivision into residential lots, mandating that they construct a house on each lot for sale or lease to members. It limits the investment in real estate for subdivision purposes to 25% of the association's paid-in capital and surplus and restricts members to acquiring only one residential lot. The acquisition and resale or lease of real estate must be approved by two-thirds of the Board of Directors. The Act became effective upon its approval.
Law Information
- Reference Number
- Republic Act No. 4879
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 17, 1967
REPUBLIC ACT NO. 4879
AN ACT TO AMEND SECTION FIFTY-THREE OF REPUBLIC ACT NUMBERED THREE HUNDRED THIRTY-SEVEN, OTHERWISE KNOWN AS "THE GENERAL BANKING ACT"
Section fifty-three of Republic Act Numbered Three hundred thirty-seven is hereby amended to read as follows: aisa dc
"Sec. 53. Mutual building and loan associations may purchase, hold, and convey real estate under the same conditions as those specified with reference to commercial banks in Section twenty-five of this Act. They may also acquire real estate for subdivision into residential lots, on each of which it must construct and erect a residential house for disposition by sales or lease exclusively to their members: Provided, That each association shall not invest more than twenty-five (25%) percent of its paid-in capital and surplus in the acquisition of real estate for subdivision purposes: Provided, further, That a member of any building and loan association shall acquire not more than one residential lot, subdivided under this Section: Provided, finally that the acquisition and resale or lease of real estate as provided for in this section shall be subject to the approval of two-thirds of all the members of the Board of Directors of the associations." casia
SECTION 2. This Act shall take effect upon its approval.
Approved: June 17, 1967
Published in the Official Gazette, Vol. 65, No. 6, p. 1267 on February 10, 1969
Cite This Law
Amendment to R.A. No. 337 (The General Banking Act), Republic Act No. 4879, Jun 17, 1967 (Philippines)
Amendment to R.A. No. 337 (The General Banking Act), Republic Act No. 4879 (Phil. 1967)
Related Laws
- Amendment to R.A. No. 337 (General Banking Act)Republic Act No. 4910 • Jun 17, 1967 • Statutes
- Amendments to R.A. No. 337 (General Banking Act)Batas Pambansa Blg. 61 • Apr 1, 1980 • Statutes
- General Banking ActRepublic Act No. 337 • Jul 24, 1948 • Statutes
- The General Banking Law of 2000Republic Act No. 8791 • May 23, 2000 • Statutes
- Amending R.A. No. 337 As Amended (General Banking Act)Presidential Decree No. 1828 • Jan 16, 1981 • Presidential Issuances
- Amendment to Section 2-C of R.A. No. 337 (General Banking Act)Presidential Decree No. 865-B • Dec 31, 1975 • Presidential Issuances
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