AMENDING
FURTHER REPUBLIC ACT NO. 3779, AS AMENDED, OTHERWISE KNOWN AS THE
"SAVINGS
AND LOAN ASSOCIATION ACT"
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WHEREAS,
there is a need to amend Section 5 of Republic Act No. 3779, as
amended,
to reflect the original intention of said law;
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WHEREAS,
there is a need to strengthen the supervisory authority of the Central
Bank over savings and loan associations;
WHEREAS,
the Central Bank should have the flexibility in its authority to issue
rules governing said associations. .chan
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NOW,
THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by
virtue
of the powers vested in me by the Constitution, do hereby decree and
order
as follows: .chan
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Section
1. Section 5 of Republic Act
No. 3779, as amended, is hereby amended by changing the word
"encumbered"
in item (a) of the third paragraph of the aforementioned Section to
"unencumbered".
Sec.
2. Subsection (g) of Section
28 of the same Act is hereby amended to read as follows:
"(g) To
fix by rules or by order, in specific cases, the limits of loanable
funds,
amounts for investment and for discounting, and reserves for
withdrawals
and other contingencies;.chan
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Sec.
3. Subsection (i) of Section
28 of the same Act is hereby amended to read as follows: .chan
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"(i) To
conduct such investigations, take such remedial measures, and exercise
all powers which are now or may hereafter be conferred upon it by
Republic
Act Numbered Two hundred sixty-five in the enforcement of this
legislation,
and impose upon associations, whether stock or non-stock, their
directors
and/or officers administrative sanctions under Sections 34-A or 34-B of
Republic Act Numbered Two hundred sixty-five as amended;
Sec.
4. All laws, decrees, rules and
regulations inconsistent with this Decree are hereby repealed or
modified
accordingly.
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Sec.
5. This Decree shall take effect
immediately..chan
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Done
in the City of Manila, this 16th day of January, in the year of Our
Lord
nineteen hundred and eighty-one..chan
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