REPUBLIC ACT NO. 4879 - AN ACT TO AMEND SECTION FIFTY-THREE OF REPUBLIC ACT NUMBERED THREE HUNDRED THIRTY-SEVEN, OTHERWISE KNOWN AS "THE GENERAL BANKING ACT"

Section 1.    Section fifty-three of Republic Act Numbered Three hundred thirty-seven is hereby amended to read as follows:

"Sec. 53.    Mutual building and loan associations may purchase, hold, and convey real estate under the same conditions as those specified with reference to commercial banks in Section twenty-five of this Act. They may also acquire real estate for subdivision into residential lots, on each of which it must construct and erect a residential house for disposition by sales or lease exclusively to their members: provided, that each association shall not invest more than twenty-five (25%) percent of its paid-in capital and surplus in the acquisition of real estate for subdivision purposes: provided, further, that a member of any building and loan association shall acquire not more than one residential lot, subdivided under this Section : provided, finally that the acquisition and resale or lease of real estate as provided for in this section shall be subject to the approval of two-thirds of all the members of the Board of Directors of the associations."

Sec. 2.    This Act shall take effect upon its approval.

Approved: June 17, 1967