Amendment to the Rules and Regulations Implementing Republic Act 7742
On January 20, 1998, the HDMF Board of Trustees amended the Rules and Regulations implementing Republic Act 7742, particularly clarifying the term of membership in the Fund. The amendment defines the "Membership Term" as a minimum of 20 years, starting from the month of the member's initial contribution, requiring a total of 240 monthly contributions unless suspension of contributions occurred in accordance with the law. Additionally, any conflicting policies or regulations are repealed or modified to align with this amendment. The amendment will take effect 15 days after publication in two national newspapers and filing with the National Administrative Register.
Quick Answers
- What is Amendment to the Rules and Regulations Implementing Republic Act 7742 about?
- On January 20, 1998, the HDMF Board of Trustees amended the Rules and Regulations implementing Republic Act 7742, particularly clarifying the term of membership in the Fund. The amendment defines the "Membership Term" as a minimum of 20 years, starting from the month of the member's initial contribution, requiring a total of 240 monthly contributions unless suspension of contributions occurred in accordance with the law. Additionally, any conflicting policies or regulations are repealed or modified to align with this amendment. The amendment will take effect 15 days after publication in two national newspapers and filing with the National Administrative Register.
- What type of law is Amendment to IRR of RA 7742?
- Amendment to the Rules and Regulations Implementing Republic Act 7742 (Amendment to IRR of RA 7742) is a Philippine Implementing Rules and Regulations enacted by the Congress of the Philippines.
- When was Amendment to the Rules and Regulations Implementing Republic Act 7742 enacted?
- Amendment to the Rules and Regulations Implementing Republic Act 7742 (Amendment to IRR of RA 7742) was enacted on Jan 20, 1998.
- What is the citation for Amendment to the Rules and Regulations Implementing Republic Act 7742?
- Amendment to the Rules and Regulations Implementing Republic Act 7742, Amendment to IRR of RA 7742, Jan 20, 1998 (Philippines)
Law Information
- Reference Number
- Amendment to IRR of RA 7742
- Date Enacted
- Subcategory
- Housing
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
January 20, 1998
AMENDMENT TO THE RULES AND REGULATIONS IMPLEMENTING REPUBLIC ACT 7742
Pursuant to Section 10 of Presidential Decree 1752 as amended by Executive Order No. 35 and Republic Act 7742, and for purposes of clarifying the true intent of the provision on membership term, the HDMF Board of Trustees during its 147th Board Meeting held on January 20, 1998 resolved, under Board Resolution No. 1419, Series of 1998, to amend and modify the Rules and Regulations implementing the aforesaid law as follows:
SECTION 1. Section 1 (q), Rule III of the Rules and Regulations Implementing Republic Act 7742 is further amended to read as follows:
RULE III
DEFINITION OF TERMS
“Section 1. Definition of Terms
“The following terms shall mean:
“a. . . .
“b. . . .
xxx xxx xxx
“p. . . .
“q. Membership Term — a period of not less than 20 years commencing from the first day of the month to which the member’s initial contribution to the Fund applies, provided the member shall have actually contributed a total of 240 monthly contributions to the Fund at the time of maturity except in cases where the required contributions were validly suspended in accordance with law during the member’s twenty (20)-year membership with the Fund.
“r. . . .
“s. . . .
xxx xxx xxx
“y. . . .
SECTION 2. Repealing Clause — All policies, guidelines, rules and regulations, or any part thereof which are in conflict or inconsistent with the provisions and/or purpose of this amendment are repealed, amended or modified accordingly.
SECTION 3. Effectivity — This amendment to the Rules and Regulations implementing Presidential Decree No. 1752 as amended by Executive Order No. 35 and Republic Act 7742 shall take effect fifteen (15) days after its complete publication in at least two (2) national newspapers of general circulation and provided further that a copy thereof is filed with the Office of the National Administrative Register, University of the Philippines Law Center, conformably with Section 3, Chapter 2, Book VII of the Administrative Code.
Approved.
Adopted: 20 Jan. 1998
Attested by:
(SGD.) ATTY. WILFREDO E. NUESACorporate Secretary
Cite This Law
Amendment to the Rules and Regulations Implementing Republic Act 7742, Amendment to IRR of RA 7742, Jan 20, 1998 (Philippines)
Amendment to the Rules and Regulations Implementing Republic Act 7742, Amendment to IRR of RA 7742 (Phil. 1998)
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