AMENDING FURTHER REPUBLIC ACT NO. 3779, AS MENDED, OTHERWISE KNOWN AS THE "SAVINGS AND LOAN ASSOCIATION ACT"

• Number: Presidential Decree No. 1796
• Sections: 6

Preamble

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 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".

Section 2

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;"

Section 3

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;

Section 4

SEC. 4. All laws, decrees, rules and regulations

inconsistent this Decree are hereby repealed or modified accordingly.

Section 5

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