Amendment to R.A. No. 720 (Rural Banks' Act)
Republic Act No. 4106, enacted on June 19, 1964, amends Section 14 of the Rural Banks' Act (Republic Act No. 720). This amendment exempts rural banks with net assets not exceeding one million pesos, excluding government-subscribed capital, from all taxes, charges, and fees. The law aims to support the financial stability of smaller rural banks. It took effect upon approval and was published in the Official Gazette on March 22, 1965.
Law Information
- Reference Number
- Republic Act No. 4106
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 19, 1964
REPUBLIC ACT NO. 4106
AN ACT TO FURTHER AMEND SECTION FOURTEEN OF REPUBLIC ACT NUMBERED SEVEN 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
Cite This Law
Amendment to R.A. No. 720 (Rural Banks' Act), Republic Act No. 4106, Jun 19, 1964 (Philippines)
Amendment to R.A. No. 720 (Rural Banks' Act), Republic Act No. 4106 (Phil. 1964)
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