Exemption of Loan and Other Instruments of Agricultural Credit Cooperative Associations from Documentary Stamp Tax
Act No. 3771, enacted on November 28, 1930, exempts loan instruments and other transactions between agricultural credit cooperative associations and their members from the documentary stamp tax. It also allows justices of the peace to acknowledge these documents free of charge. The act establishes that debts owed by members to these associations take priority over other claims, except for registered hypothecary credits and tax claims within two years of their due date. The law takes effect upon its approval.
Law Information
- Reference Number
- Act No. 3771
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
November 28, 1930
ACT NO. 3771
AN ACT DECLARING LOAN AND OTHER INSTRUMENTS OF AGRICULTURAL CREDIT COOPERATIVE ASSOCIATIONS EXEMPT FROM THE DOCUMENTARY STAMP TAX AND AUTHORIZING JUSTICES OF THE PEACE TO ACKNOWLEDGE THE SAME FREE OF CHARGE, AMENDING ACT NUMBERED TWENTY-FIVE HUNDRED AND EIGHT ACCORDINGLY
SECTION 1. Subsection (f) of section forty-two of Act Numbered Twenty-five hundred and eight is hereby amended to read as follows:
"(f) Instruments covering loans and any other business transactions between said associations and their members shall be exempt from the documentary stamp tax and shall be acknowledged free of charge before the justice of the peace concerned. The credits of said associations against members of the same for sums borrowed by them shall have the preference as regards collection over any other claim except in case of a duly registered hypothecary credit on real or personal property, and in the case of taxes, within two years after such taxes become due."
SECTION 2. This Act shall take effect on its approval.
Approved, November 28, 1930.
Cite This Law
Exemption of Loan and Other Instruments of Agricultural Credit Cooperative Associations from Documentary Stamp Tax, Act No. 3771, Nov 28, 1930 (Philippines)
Exemption of Loan and Other Instruments of Agricultural Credit Cooperative Associations from Documentary Stamp Tax, Act No. 3771 (Phil. 1930)
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- Rationalizing the Structure and Administration of the Documentary Stamp TaxRepublic Act No. 7660 • Dec 23, 1993 • Statutes
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- Amendments to NIRC Re: Documentary Stamp TaxesRepublic Act No. 40 • Oct 1, 1946 • Statutes
- Establishment of an Agricultural Credit and Cooperative Financing SystemRepublic Act No. 821 • Aug 14, 1952 • Statutes
- Creation and Operation of Rural Credit AssociationsAct No. 3895 • Nov 16, 1931 • Statutes
- An Act Regulating the Creation and Operation of "Rural Agricultural Cooperative Associations," and for Other PurposesAct No. 2508 • Feb 5, 1915 • Statutes
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