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REPUBLIC
ACT NO. 4199
REPUBLIC ACT NO. 4199 - AN ACT
AMENDING SECTION THIRTEEN OF REPUBLIC ACT NUMBERED SEVEN HUNDRED
TWENTY, OTHERWISE KNOWN AS THE RURAL BANKS ACT
Section 1. Section thirteen of Republic Act Numbered Seven
hundred twenty is hereby amended to read as follows:
"Sec. 13. In an emergency or when a financial crisis
is imminent, the Central Bank may give a loan to any rural bank against
assets of the rural bank which may be considered acceptable by a
concurrent vote of at least five members of the Monetary Board.
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:
provided, however, that for the purpose of implementing a nationwide
program of agricultural and industrial development, rural banks are
hereby authorized, under such terms and conditions as the Central Bank
shall prescribe, to borrow, on a medium or long-term basis, funds that
the Central Bank or any other government financing institution shall
borrow from the International Bank for Reconstruction and Development
or other international or foreign lending institutions for the specific
purpose of financing the abovestated agricultural and industrial
program. Repayment of loans obtained by the Central Bank of the
Philippines or any other government financing institution from said
foreign lending institutions under this section shall be guaranteed by
the Republic of the Philippines."
Sec. 2. This Act shall take effect upon its
approval.
Approved: June 19, 1965
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