Section 3
SEC. 3. Before an association may begin to operate under this Act, it shall draw up articles of incorporation and by laws in accordance with rules and regulations to be issued by the Philippine National Bank; it shall submit such articles of incorporation and such by-laws to the Philippine National Bank for approval; and the Philippine National Bank shall issue to the association a certificate of authority to operate under this Act if the said articles of incorporation and by-laws of the association meet with its approval. For public information and reference purposes the Philippine National Bank shall file a copy of the articles of incorporation and by-laws of the association with the Bureau of Commerce and Industry. The provisions of Act Numbered One thousand four hundred and fifty-nine, as amended, known as the Corporation Law, shall not apply to associations organized under the provisions of this Act. The articles of incorporation and by-laws may from time to time be amended at a general assembly of the stockholders, but no amendment shall become effective until approved by the Philippine National Bank.