Amendment to R.A. No. 720 (The Rural Banks Act)
Republic Act No. 3128, enacted on June 17, 1961, amends the Rural Banks' Act by revising Section 14. The amendment stipulates that rural banks with net assets not exceeding 700,000 pesos are exempt from all taxes, charges, and fees, excluding government-subscribed capital. This law aims to support the financial viability of smaller rural banks. The act took effect upon its approval and was published in the Official Gazette on January 8, 1962.
Law Information
- Reference Number
- Republic Act No. 3128
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 17, 1961
REPUBLIC ACT NO. 3128
AN ACT TO AMEND SECTION FOURTEEN OF REPUBLIC ACT NUMBERED SEVEN HUNDRED TWENTY, OTHERWISE KNOWN AS THE RURAL BANKS' ACT
SECTION 1. Section fourteen of Republic Act Numbered Seven hundred twenty, otherwise known as the Rural Banks' Act, is hereby amended to read as follows: cd
"Sec. 14. All Rural Banks created and organized under the provisions of this Act, with net assets not exceeding seven hundred thousand 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 17, 1961
Published in the Official Gazette, Vol. 58, No. 2, p. 198 on January 8, 1962.
Cite This Law
Amendment to R.A. No. 720 (The Rural Banks Act), Republic Act No. 3128, Jun 17, 1961 (Philippines)
Amendment to R.A. No. 720 (The Rural Banks Act), Republic Act No. 3128 (Phil. 1961)
Related Laws
- Amendments to R.A. No. 720 (Rural Banks' Act)Batas Pambansa Blg. 65 • Apr 1, 1980 • Statutes
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- Amendment to R.A. No. 720 (Rural Banks' Act)Republic Act No. 3778 • Jun 22, 1963 • Statutes
- Amendments to R.A. No. 720 (Rural Banks Act)Republic Act No. 1097 • Jun 15, 1954 • Statutes
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