Republic Acts REPUBLIC ACT No. 1403REPUBLIC ACT NO. 1403 1955-09-09
REPUBLIC ACT NO. 1403 - AN ACT TO AMEND SECTION THIRTEEN OF REPUBLIC ACT NUMBERED SEVEN HUNDRED AND TWENTY, ENTITLED "AN ACT PROVIDING FOR THE CREATION, ORGANIZATION AND OPERATION OF RURAL BANKS, AND FOR OTHER PURPOSES."
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
SECTION 1. Section thirteen of Republic Act Numbered Seven hundred and twenty is hereby amended by adding a new paragraph thereof, to read as follows:
"In normal times, the Central Bank may rediscount against paper evidencing a loan granted by a rural bank to any of its customers which can be liquefied within a period of two hundred and seventy days."
SEC. 2. This Act shall take effect upon its approval.
Approved, September 9, 1955.
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