An Act to Further Amend Section Fourteen of Republic Act Numbered Seven Hundred Twenty, as Amended, Otherwise Known as the Rural Banks’ Act
Year:
1964
Category:
Other
Date Approved:
June 19, 1964
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 further amends Section fourteen of Republic Act Numbered Seven Hundred Twenty, known as the Rural Banks’ Act, to exempt rural banks with net assets not exceeding one million pesos from the payment of all taxes, charges, and fees. The law aims to provide financial relief to smaller rural banks to promote their growth and stability.Full Text
REPUBLIC ACT No. 4106
An Act to Further Amend Section Fourteen of Republic Act Numbered Seven Hundred Twenty, as Amended, Otherwise Known as the Rural Banks’ Act
Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:
Section 1. Section fourteen of Republic Act Numbered Seven hundred twenty, as amended, otherwise known as the Rural Banks’ Act, is hereby further amended to read as follows:
Section 2. This Act shall take effect upon its approval.
Approved: June 19, 1964.
"Sec. 14. All rural banks created and organized under the provisions of this Act, with net assets not exceeding one million pesos excluding the counterpart capital subscribed and paid in by the government under Sections seven and eight of this Act, shall be exempt from the payment of all taxes, charges and fees of whatever nature and description."
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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.