An Act to Amend Section Fourteen of Act Numbered Thirty-Eight Hundred and Ninety-Six, Entitled "An Act to Authorize the Organization of Rural Banks in the Philippine Islands and for Other Purposes"
Commonwealth Act No. 621, enacted on June 6, 1941, amends Section 14 of Act No. 3896, which governs the organization of rural banks in the Philippines. The amendment exempts rural banks from various taxes, charges, and fees, with the exception of income tax, and allows for the registration of securities related to loans under certain conditions without incurring fees, provided the amount does not exceed five hundred pesos. Additionally, justices of the peace acting as ex-officio notaries public are required to provide free services for loan-related documents valued at or below this amount. The Act took effect upon its approval.
Law Information
- Reference Number
- Commonwealth Act No. 621
- Date Enacted
- Category
- Statutes
- Subcategory
- Commonwealth Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 6, 1941
COMMONWEALTH ACT NO. 621
AN ACT TO AMEND SECTION FOURTEEN OF ACT NUMBERED THIRTY-EIGHT HUNDRED AND NINETY-SIX, ENTITLED "AN ACT TO AUTHORIZE THE ORGANIZATION OF RURAL BANKS IN THE PHILIPPINE ISLANDS AND FOR OTHER PURPOSES"
SECTION 1. Section fourteen of Act Numbered Thirty-eight hundred and ninety-six is amended to read as follows: IDATCE
"SEC. 14. The said banks shall be exempt from all taxes, charges, and fees of every name and nature, except the income tax. The registration of the securities required by the said bank for loans upon real estate, property rights, or personal property, or of the deeds of title to any property acquired by a rural bank shall be exempt from the payment of the fees established by existing laws or any other law on this subject which may hereafter be enacted, if the amount involved in any one case does not exceed five hundred pesos. Any justice of the peace, as notary public ex-oficio, shall render service free of charge to any person applying for a loan from any rural bank in administering the oath or in the acknowledgment of any deed of mortgage, sale, assignment, transfer, or incumbrance of any nature, executed by said person in favor of a rural bank, when the value involved does not exceed five hundred pesos."
SECTION 2. This Act shall take effect upon its approval.
Approved, June 6, 1941.
Cite This Law
An Act to Amend Section Fourteen of Act Numbered Thirty-Eight Hundred and Ninety-Six, Entitled "An Act to Authorize the Organization of Rural Banks in the Philippine Islands and for Other Purposes", Commonwealth Act No. 621, Jun 6, 1941 (Philippines)
An Act to Amend Section Fourteen of Act Numbered Thirty-Eight Hundred and Ninety-Six, Entitled "An Act to Authorize the Organization of Rural Banks in the Philippine Islands and for Other Purposes", Commonwealth Act No. 621 (Phil. 1941)
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