Presidential Decree No. 1796 (PD 1796) — Amending Further Republic Act No. 3779, as Mended, Otherwise Known as the "Savings and Loan Association Act"
WHEREAS, there is a need to amend Section 5 of Republic Act
No. 5779, as amended, to reflect the original intention of said law;
WHEREAS, there is a need to strengthen the
supervisory-authority of the Central Bank over savings and loan
associations;
WHEREAS, the Central Bank should have the flexibility in its
authority to issue rules governing said associations;
NOW, THEREFORE, I, FERDINAND S. MARCOS, President of the
Philippines, by virtue of the powers vested in me by the Constitution, do hereby
decree and order as follows:
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".
SEC. 2. Subsection (g) of Section 28 of the same Act is
hereby amended to read as follows:
“(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;"
SEC. 3. Subsection (i) of Section 28 of the same Act is
hereby amended to read as follows:
"(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 3-B of
Republic Act Numbered Two Hundred sixty-five, as amended;
SEC. 4. All laws, decrees, rules and regulations
inconsistent this Decree are hereby repealed or modified accordingly.
SEC. 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.
(Sgd.) FERDINAND E. MARCOS
President of the
Philippines
By the President:
(Sgd.) JUAN C. TUVERA
Presidential Executive
Assistant
Vol. 25, Vital Documents, Presidential Decree 1980-1981
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
