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PRESIDENTIAL DECREE NO. 1318
PRESIDENTIAL DECREE NO. 1318 -
FURTHER AMENDING REPUBLIC ACT NO. 3779, AS AMENDED, OTHERWISE KNOWN AS
"THE SAVINGS AND LOAN ASSOCIATIONS ACT"
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WHEREAS,
stock savings and loan associations are classified as thrift banks
under Section 6-A of Republic Act No. 337, as amended; and chanroblesvirtualawlibrary
WHEREAS, there is need to amend certain provisions of Republic Act No.
3779, as amended, in order to allow stock savings and loan associations
to exercise certain powers granted to other thrift banks under Republic
Act No. 337, as amended.
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 the amendment of Republic Act No. 3779, as amended:cralaw:red
Section 1. Subsection (a) of Section 5 of Republic
Act No. 3779, as amended to read as follows:cralaw:red
"(a) To grant loans not exceeding the borrower's
savings and time deposits in the association, plus his four months'
salary or regular income whether from employment or from his own
business, or seventy per cent (70%) of the fair market value of any
property acceptable as collateral on first mortgage that he may offer
as security: Provided, That no loan shall have a maturity of more than
five years., except loans on the security of unencumbered real estate
for the purpose of home building and home development which may be
granted with maturities not exceeding twenty years and medium-or long
term loans to finance agricultural projects, subject to regulations
prescribed by the Monetary board: Provided, further, That in the case
of a borrower who is a permanent employee or wage earner, the treasurer
cashier or paymaster of the office employing him is authorized,
notwithstanding the provisions of any existing law, rule and regulation
to the contrary, to make deductions from his salary, wage, or income
pursuant to the terms of his loan, to remit deductions to the savings
and loan association concerned, and collect such reasonable fee for his
services as may be authorized by the rules promulgated by the Monetary
Board."
Section 2. Subsection (a) of Section 6 of the same
Act is hereby amended to read as follows:cralaw:red
"Sec. 6 (a). Non-stock association shall have or
carry upon its books for any person any demand, commercial or checking
account, or any credit to be withdrawn upon the presentation of any
negotiable check of draft."
Section 3. All existing laws, orders, rules and
regulations or parts thereof in conflict or inconsistent herewith are
hereby repealed or modified accordingly.
Section 4. This Decree shall take effect
immediately. chanroblesvirtualawlibrary
DONE in the City of Manila,
this 29th day of March, in the year of Our Lord, nineteen hundred and
seventy-eight.
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