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REPUBLIC
ACT NO. 4066
REPUBLIC ACT NO. 4066 - AN ACT TO
AMEND PARAGRAPH (C) OF SECTION TWENTY-TWO OF COMMONWEALTH ACT NUMBERED
ONE HUNDRED EIGHTY-SIX, AS AMENDED
Section 1. Paragraph (c), Section twenty-two of Commonwealth
Act Numbered One hundred eighty-six, as amended, is hereby further
amended to read as follows:
"(c) In first liens upon improved and unencumbered
real estate situated in any chartered city, municipality or municipal
district, title to which is duly registered under Act Numbered Four
hundred and ninety-six, as amended: provided, that no loan shall be
made upon the security of real estate in excess of eighty per centum of
the fair appraised value thereof to be determined in such manner as the
Board shall prescribe: and provided, further, that no more than seventy
per centum of the total assets shall be invested in loans on the
security of real estate. Loans granted under this subsection shall be
paid within a period of not exceeding fifteen years unless renewed for
another period of not exceeding fifteen years under such terms and
conditions as the Board may prescribe.”
Sec. 2. This Act shall take effect upon its
approval.
Approved: June 18, 1964
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