Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails.・Read the official text ↗
Minors as Depositors.
SEC. 22. Minors as Depositors. — Minors in their own rights and in their own names may make deposits and withdraw the same, and may receive dividends and interest: Provided, however, That if any guardian shall give notice in writing to any thrift bank not to make payments of deposits, dividends, or interest to the minor of whom he is the guardian, then such payment shall be made only to the guardian.
Return of Deposits.
SEC. 23. Return of Deposits. — Deposits shall be returned to the depositors or to their legal representatives in the manner and at the time and under the conditions which shall be determined by the board of directors and stipulated in regulations which shall be in conformity with laws and with such regulations as the Monetary Board may prescribe.
Deposit Insurance.
SEC. 24. Deposit Insurance. — Deposits in thrift banks shall be eligible for insurance coverage under Republic Act No. 3591, as amended.
Annual Fees.
SEC. 25. Annual Fees. — Consistent with the provisions of Section 28 of Republic Act No. 7653, any thrift bank organized under this Act may, pursuant to regulations promulgated for the purpose by the Monetary Board, be required to contribute to the Bangko Sentral an annual fee in an amount to be determined by the Monetary Board.
Implementation.
SEC. 26. Implementation. — For the purpose of carrying the objectives of this Act, the Bangko Sentral is authorized to require the services and facilities of any department or instrumentality of the government or any officer or employee of any such department or government instrumentality.
Annual Report.
SEC. 27. Annual Report. — The Monetary Board shall submit a report to the Congress of the Philippines at the end of each calendar year of a the rules and regulations promulgated by it in accordance with the provisions of this Act, as well as its other actuations in connection with thrift banks together with an explanation of its reasons therefor and recommendations on legislative actions.
Parity Clause Under the Same Circumstances.
SEC. 28. Parity Clause Under the Same Circumstances. — The incentives granted shall be enjoyed by financial institutions giving the same services for countryside lending and development under such terms as may be equitable and as may be defined by the Monetary Board.
Separability Clause.
SEC. 29. Separability Clause. — If any provision of this Act or the application thereof to any person or circumstances is held invalid, the other provisions of this Act and the application of such provisions to other persons and circumstances, shall not be affected thereby.
Repealing Clause.
SEC. 30. Repealing Clause. — Republic Act No. 4093, Republic Act No. 3779 to the extent that it applies to thrift banks, and Chapter 5 of Republic Act No. 337 are hereby repealed. Any law or parts of any law inconsistent with the provisions of this Act are hereby repealed. In all matters affecting the price stability of the peso, the provisions of Republic Act No. 7653 shall prevail.
Applicability of Other Laws.
SEC. 31. Applicability of Other Laws. — The provisions of Republic Act No. 7653 and Republic Act No. 337, as amended, insofar as they are applicable and not in conflict with any provision of this Act, shall apply to thrift banks organized hereunder.
Effectivity.
SEC. 32. Effectivity. — This Act shall take effect fifteen (15) days following the completion of its publication in the Official Gazette or in two (2) national newspapers of general circulation. Approved, (Sgd.) EDGARDO J. ANGARA (Sgd.) JOSE DE VENECIA, JR. President of the Senate Speaker of the House of Representatives This Act which is a consolidation of House Bill No. 12783 and Senate Bill No. 1742 was finally passed by the House of Representatives and the Senate on February 15, 1995 and February 13, 1995, respectively. (Sgd.) EDGARDO E. TUMANGAN (Sgd.) CAMILO L. SABIO Secretary of the Senate Secretary General House of Representatives Approved: February 23, 1995 (Sgd.) FIDEL V. RAMOS President of the Philippines
Provisions on this page are reproduced verbatim from official open data. See the attribution line.
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).