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Act No. 1459 Section 186

Act No. 1459 Section 186

Section 186

SEC. 186. The corporation may purchase at any sale, public or private, any real estate upon which it may have a mortgage, judgment, lien, or other incumbrance, or in which it may have any interest, and may sell, convey, lease, or mortgage such real estate: Provided, That real estate so purchased must be finally disposed of or sold by the corporation within five years after receiving title to the same. SEC:. 187. Stockholders may surrender their shares and withdraw from the corporation after paying twelve monthly installments of dues and upon giving sixty days' notice in writing to the board of directors, and the withdrawal value of such shares shall be the total sum of the clues paid thereon plus such interest as shall be allowed by the board of directors: Provided, however, Thai not more than one-third of the total receipts of the corporation shall be paid in any one month to retire such shares: And provided further, That payment for such surrendered shares shall be made in the order in which notices of withdrawal have been received by the board of directors: And provided further, That should the business of the corporation during the period such withdrawing member has been a stockholder show a loss, the withdrawal value of stock shall be charged with its proportion of such loss. Except in cases of voluntary or forced liquidation of a building and loan corporation or of forfeiture as provided by section one hundred and seventy-nine of this Act, the board of directors of such corporations shall not have, power to force the surrender and withdrawal of unmatured stock.

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Other provisions in CHAPTER II.—Special provisions.

Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗ · Data as of July 4, 2026

CitationAct No. 1459 Section 186 (LawPlayer, data as of July 4, 2026)

Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).

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