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REPUBLIC
ACT NO. 4910
REPUBLIC ACT NO. 4910 - AN ACT
AMENDING SECTION TWENTY-SEVEN OF REPUBLIC ACT NUMBERED THREE HUNDRED
THIRTY-SEVEN, OTHERWISE KNOWN AS THE GENERAL BANKING ACT
Section 1. Section twenty-seven of Republic Act Numbered
three hundred thirty-seven, otherwise known as the General Banking Act,
is hereby amended to read as follows:
"Sec. 27. Any commercial bank organized under the
laws of the Philippines may, with the prior approval of the Monetary
Board, establish branches in the Philippines or branches and agencies
outside the Philippines, and the bank shall be responsible for all
business conducted in such branches to the same extent and in the same
manner as though such business had all been conducted in the head
office. The hours and times during which all types of banks with their
branches and extension offices are to conduct and transact their
business shall not exceed eight hours a day to be selected by the
banking institution concerned between eight o'clock in the morning to
eight o'clock in the evening, which time shall be reported to the
Monetary Board.
"For the purposes of this Act, a bank and its branches shall be treated
as a unit."
Sec. 2. This Act shall take effect upon its
approval.
Approved: June 17, 1967
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