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PHILIPPINE LAWS, STATUTES & CODES
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|
REPUBLIC ACT NO. 3128 - AN ACT TO
AMEND SECTION FOURTEEN OF REPUBLIC ACT NUMBERED SEVEN HUNDRED TWENTY,
OTHERWISE KNOWN AS THE RURAL BANKS' ACT |
| Section 1. Section fourteen of Republic Act Numbered Seven Hundred Twenty, otherwise known
as the Rural Banks' Act, is hereby amended to read as follows: "Sec.
14. All Rural Banks created and organized under the
provisions of this Act, with net assets not exceeding seven hundred
thousand pesos, excluding the counterpart capital subscribed and paid
in by the government under sections seven and eight of this Act, shall
be exempt from the payment of all taxes, charges and fees of whatever
nature and description." Sec. 2. This Act shall take effect upon its approval. Approved: June 17, 1961 |
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