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PRESIDENTIAL DECREE NO. 1796
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PRESIDENTIAL DECREE NO. 1796
- AMENDING FURTHER REPUBLIC ACT NO. 3779, AS AMENDED, OTHERWISE KNOWN
AS THE "SAVINGS AND LOAN ASSOCIATION ACT"
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chanroblesvirtualawlibrary
WHEREAS,
there is a need to amend Section 5 of Republic Act No. 3779, as
amended, to reflect the original intention of said law; chanroblesvirtualawlibrary
WHEREAS, there is a need to strengthen the supervisory authority of the
Central Bank over savings and loan associations;chanroblesvirtualawlibrary
WHEREAS, the Central Bank should have the flexibility in its authority
to issue rules governing said associations.
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 as follows:cralaw:red
Section 1. Section 5 of Republic Act No. 3779, as
amended, is hereby amended by changing the word "encumbered" in item
(a) of the third paragraph of the aforementioned Section to
"unencumbered". chanroblesvirtualawlibrary
Section 2. Subsection (g) of Section 28 of the same
Act is hereby amended to read as follows:cralaw:red
"(g) To fix by rules or by order, in specific cases,
the limits of loanable funds, amounts for investment and for
discounting, and reserves for withdrawals and other contingencies;chanroblesvirtualawlibrary
Section 3. Subsection (i) of Section 28 of the same
Act is hereby amended to read as follows:cralaw:red
"(i) To conduct such investigations, take such
remedial measures, and exercise all powers which are now or may
hereafter be conferred upon it by Republic Act Numbered Two hundred
sixty-five in the enforcement of this legislation, and impose upon
associations, whether stock or non-stock, their directors and/or
officers administrative sanctions under Sections 34-A or 34-B of
Republic Act Numbered Two hundred sixty-five as amended;chanroblesvirtualawlibrary
Section 4. All laws, decrees, rules and regulations
inconsistent with this Decree are hereby repealed or modified
accordingly.
Section 5. This Decree shall take effect immediately.
Done in the City of Manila,
this 16th day of January, in the year of Our Lord nineteen hundred and
eighty-one.
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