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"
Year:
1955
Category:
Other
Date Approved:
September 9, 1955
Summary
Plain-language AI-assisted summary — not the official text. As of July 1, 2026. Read the full text below or on the official source.
This Act amends Section Thirteen of Republic Act No. 720, which pertains to the creation and operation of rural banks. It allows the Central Bank to rediscount loans granted by rural banks to their customers under certain conditions.Full Text
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"
Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:
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:
Section 2. This Act shall take effect upon its approval.
Approved: September 9, 1955.
"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."
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Republic Acts are laws passed by the Congress of the Philippines. This content is sourced from LawPhil (lawphil.net) for reference purposes. For official and authoritative texts, please refer to the Official Gazette.