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PRESIDENTIAL DECREE NO. 1539
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PRESIDENTIAL DECREE NO. 1539 -
REPEALING SectionS NINE AND Section TWELVE (C) OF REPUBLIC ACT NUMBERED
THREE THOUSAND SEVEN HUNDRED SEVENTY-NINE, AS AMENDED, OTHERWISE KNOWN
AS "THE SAVINGS AND LOAN ASSOCIATION ACT"
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chanroblesvirtualawlibrary
WHEREAS,
Republic Act No. 3779, as amended, requires that a public hearing be
held by the Central Bank for every application to establish a proposed
savings and loan association or a branch thereof;chanroblesvirtualawlibrary
WHEREAS, the rationale behind this requirement was that, at the time of
the passage of said Act, savings and loan associations were not under
the supervision of the Central Bank and the savings and loan system as
a whole had a poor image as a result of unscrupulous operators and
organizers of so-called savings and loan associations;chanroblesvirtualawlibrary
WHEREAS, under the aegis of the Central Bank, the undesirable
associations were weeded out and the savings and loan system has, since
then, made tremendous progress and has regained the trust and
confidence of the public;chanroblesvirtualawlibrary
WHEREAS, public hearing is not required of other financing institutions
under the supervision of the Central Bank; and
WHEREAS, the removal of the requirement of public hearing will be in
keeping the objective of uniformity, simplicity and equality of
treatment of banking institutions of the same category;chanroblesvirtualawlibrary
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:cralaw:red
Section 1. Section nine and Subsection (c) of
Section twelve of Republic Act No. 3779, as amended, otherwise known as
the Savings and Loan Associations Act, are hereby repealed.
Section 2. This Decree shall take effect immediately.
Done in the City of Manila,
this 11th day of June, in the year of Our Lord nineteen hundred and
seventy-eight.
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