Preamble
"SEC. 3. A private development bank shall exercise all the powers and shall assume all the obligations of a savings and mortgage bank as provided in the General Banking Act, except as otherwise provided herein: Provided, That no private development bank shall be operated without a certificate of authority from the Monetary Board of the Central Bank which shall be issued upon compliance with the provisions of this law. "Nothing in this section shall be construed as precluding a private development bank from engaging, with prior approval of the Monetary Board, in commercial banking services or from operating under an expanded commercial banking authority, as provided under Section 21-B of Republic Act No. 337, as amended, nor from exercising, whenever applicable and not inconsistent with the provisions of this Act and Central Bank regulations, such other powers incident to a corporation."