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Act No. 2508 Section 43

Act No. 2508 Section 43

Section 43

SECTION. 43. The Executive Secretary, either himself or through his agents or delegates, shall act as legal adviser to said associations and shall revise and approve the bylaws of each association, issue the necessary orders and rules regarding the manner in which they shall keep their account books and records, and the general manner of investing their funds of all kinds and the terms upon which they shall make loans to their members, and likewise the terms upon which they may receive loans and deposits from private or official persons or corporations. Said Executive Secretary shall, either personally or through his agents and deputies, at least once every six months, cause an examination and audit to be made of the accounts and operations of each association in order to ascertain the condition of the funds thereof and whether its operations are in accordance with the law, the by-laws, or the orders and rules issued by his office. In case he finds that any association violates the law, the by-laws, or the orders and rules in the premises, he shall give the necessary orders to the board of directors of said association to have the defect remedied, and in case of noncompliance the secretary of the association shall, upon the request of the Executive Secretary or any of his agents or deputies, call a special meeting of the stockholders' general assembly in order to decide whether or not there are grounds for the removal from office of one or more of the responsible directors. BOOKS AND RECORDS OF THE ASSOCIATION.

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Other provisions in Act No. 2508

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. 2508 Section 43 (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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