An Act Authorizing the Establishment of a Provident Fund in Government-Owned or Controlled Banking Institutions
Year:
1965
Category:
Other
Date Approved:
June 19, 1965
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 authorizes government-owned or controlled banking institutions to establish a Provident Fund. The fund consists of contributions from both the bank and its employees, aimed at providing benefits to the employees or their heirs.Full Text
REPUBLIC ACT No. 4537
An Act Authorizing the Establishment of a Provident Fund in Government-Owned or Controlled Banking Institutions
Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:
Section 1. The provisions of any existing law to the contrary notwithstanding, any government-owned or controlled banking institutions 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 of 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 19, 1965.
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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.