Establishment of Provident Fund in Government-Owned or -Controlled Banking Institutions
Republic Act No. 4537, enacted on June 9, 1965, authorizes government-owned or controlled banking institutions in the Philippines to establish a Provident Fund. This fund will consist of contributions from both the bank and its officers or employees, aimed at providing benefits to them or their heirs under terms set by the bank's governing board. The governing body is also empowered to create rules and regulations necessary for the effective implementation of the Provident Fund. The Act took effect upon its approval and was published in the Official Gazette on December 19, 1966.
Law Information
- Reference Number
- Republic Act No. 4537
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 9, 1965
REPUBLIC ACT NO. 4537
AN ACT AUTHORIZING THE ESTABLISHMENT OF A PROVIDENT FUND IN GOVERNMENT-OWNED OR CONTROLLED BANKING INSTITUTIONS
SECTION 1. The provisions of any existing law to the contrary notwithstanding, any government-owned or controlled banking institution shall establish its own Provident Fund which shall consist of contributions made both by the bank and by its officers or employees to a common fund for the payment of benefits to such officers or employees or their heirs under such terms and conditions as its governing board may fix.
SECTION 2. In order to exercise the authority granted under this Act, the governing body of any government-owned or controlled banking institution mentioned in the next preceding paragraph is empowered to prepare and issue such rules and regulations as it may deem necessary to make effective the establishment and operation of a Provident Fund in such banking institution.
SECTION 3. This Act shall take effect upon its approval.
Approved: June 9, 1965
Published in the Official Gazette, Vol. 62, No. 51, p. 9560 on December 19, 1966
Cite This Law
Establishment of Provident Fund in Government-Owned or -Controlled Banking Institutions, Republic Act No. 4537, Jun 9, 1965 (Philippines)
Establishment of Provident Fund in Government-Owned or -Controlled Banking Institutions, Republic Act No. 4537 (Phil. 1965)
Related Laws
- Examinations of Banking Institutions in the Philippine IslandsAct No. 52 • Nov 23, 1900 • Statutes
- Establishment and Administration of Provident Funds in the GovernmentExecutive Order No. 641 • Jul 25, 2007 • Presidential Issuances
- Rules, Regulations and Procedure on the Establishment and Administration of Provident Funds in the Philippine GovernmentDBM Budget Circular No. 03-08 • Jun 20, 2008 • Other Rules and Procedures
- Establishment for a Credit Stabilization Fund by the Quedan Guarantee Fund BoardLetter of Instructions No. 1392 • Mar 17, 1984 • Presidential Issuances
- Increased Contributions of Certain Institutions to the Educational Loan Fund and Educational Loan Guarantee FundLetter of Instructions No. 832 • Mar 20, 1979 • Presidential Issuances
- Authorizing the Implementation of Standard Compensation and Position Classification Plans for the Financial Institutions Group of Government-Owned or Controlled CorporationsLetter of Implementation No. 104 • Oct 12, 1979 • Presidential Issuances
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