Amendment to Sec. 22 of Act No. 2508, as Amended
Act No. 3744, approved on November 24, 1930, amends Section 33 of Act No. 2508 concerning the governance of rural credit associations in the Philippines. It stipulates that the directors of these associations must elect their president and secretary annually and appoint other officers as specified in the by-laws. The municipal treasurer will serve as the ex-officio treasurer of the association, with compensation determined by the board of directors and approved by the Director of Plant Industry. Additionally, it establishes that a majority of the directors constitutes a quorum for corporate decisions and mandates that loans require the affirmative vote of at least three board members. Any conflicting previous laws are repealed, and the act takes effect upon approval.
Quick Answers
- What is Amendment to Sec. 22 of Act No. 2508, as Amended about?
- Act No. 3744, approved on November 24, 1930, amends Section 33 of Act No. 2508 concerning the governance of rural credit associations in the Philippines. It stipulates that the directors of these associations must elect their president and secretary annually and appoint other officers as specified in the by-laws. The municipal treasurer will serve as the ex-officio treasurer of the association, with compensation determined by the board of directors and approved by the Director of Plant Industry. Additionally, it establishes that a majority of the directors constitutes a quorum for corporate decisions and mandates that loans require the affirmative vote of at least three board members. Any conflicting previous laws are repealed, and the act takes effect upon approval.
- What type of law is Act No. 3744?
- Amendment to Sec. 22 of Act No. 2508, as Amended (Act No. 3744) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was Amendment to Sec. 22 of Act No. 2508, as Amended enacted?
- Amendment to Sec. 22 of Act No. 2508, as Amended (Act No. 3744) was enacted on Nov 24, 1930.
- What is the citation for Amendment to Sec. 22 of Act No. 2508, as Amended?
- Amendment to Sec. 22 of Act No. 2508, as Amended, Act No. 3744, Nov 24, 1930 (Philippines)
Law Information
- Reference Number
- Act No. 3744
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
November 24, 1930
ACT NO. 3744
AN ACT TO AMEND SECTION THIRTY-THREE OF ACT NUMBERED TWENTY-FIVE HUNDRED AND EIGHT, AS AMENDED BY SECTION TWO OF ACT NUMBERED TWENTY-FIVE HUNDRED AND SIXTY-SIX, AND PROVIDING FOR THE REMUNERATION OF MUNICIPAL TREASURERS ACTING AS TREASURERS EX-OFFICIO OF RURAL CREDIT ASSOCIATIONS
SECTION 1. Section thirty-three of Act Numbered Twenty-five hundred and eight, as amended by section two of Act Numbered Twenty-five hundred and sixty-six, entitled "An Act regulating the creation and operation of rural, agricultural, cooperative associations, and for other purposes," is amended to read as follows:
"SEC. 33. Immediately after their election and each year thereafter upon a date to be fixed by the by-laws, the directors shall elect from amongst themselves a president and a secretary and shall appoint such other officers as the by-laws may prescribe, the treasurer of the municipality where the association is located to act as ex-officio treasurer of the association with such compensation as may be approved by the board of directors of the association with the approval of the Director of Plant Industry. The treasurer of the association shall not be eligible for election as a member of the board of directors. The directors and officers shall perform the duties intrusted to them by law or by the by-laws. A majority of the directors shall constitute a quorum for the transaction of the corporate business of the association, and every resolution of the majority of the quorum duly assembled in a meeting, shall be valid as a corporate act: Provided, That no loan shall be made except by affirmative vote of at least three members of the board."
SECTION 2. All acts or parts of acts inconsistent with the provisions of this Act are hereby repealed.
SECTION 3. This Act shall take effect on its approval.
Approved, November 24, 1930.
Cite This Law
Amendment to Sec. 22 of Act No. 2508, as Amended, Act No. 3744, Nov 24, 1930 (Philippines)
Amendment to Sec. 22 of Act No. 2508, as Amended, Act No. 3744 (Phil. 1930)
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