Amendment to Section 13 of R.A. No. 720 (Rural Banks' Act) ( Republic Act No. 1403 )

September 9, 1955

REPUBLIC ACT NO. 1403

AN ACT TO AMEND SECTION THIRTEEN OF REPUBLIC ACT NUMBERED SEVEN HUNDRED AND TWENTY, ENTITLED "AN ACT PROVIDING FOR THE CREATION, ORGANIZATION AND OPERATION OF RURAL BANKS, AND FOR OTHER PURPOSES"

SECTION 1. Section thirteen of Republic Act Numbered Seven hundred and twenty is hereby amended by adding a new paragraph thereof, to read as follows:

"In normal times, the Central Bank may rediscount against paper evidencing a loan granted by a rural bank to any of its customers which can be liquefied within a period of two hundred and seventy days."

SECTION 2. This Act shall take effect upon its approval.

Approved: September 9, 1955

Published in the Official Gazette, Vol. 51, No. 10, p. 4970 in October 1955