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Act No. 2612 Section 7

Act No. 2612 Section 7

Section 7

SEC. 7. Any loan or credit account trahsferred to the National Bank by the Agricultural Bank which, in the judgment of the board of directors of the National Bank, is found upon demand after its maturity to be uncollectible, shalll be redeemed by the Government and become the property thereof: Provided, That by the agreement between the Insular Treasurer and the National Bank, tha said National Bank may renew such credits for a period not exceeding five years without losing the benefit of the above guaranty. There are hereby appropriated, out of any funds in the Insular Treasury not otherwise appropriated, such sums as may be necessary from time to time to make such payments.

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Other provisions in Act No. 2612

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. 2612 Section 7 (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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