Section 8
Sec. 8. All banks which have been organized .or vhich may hereafter be organized under the laws of the Philippines, whetherby special charter or otherwise (including established banks organized under the laws or Royal Decrees of Spain) shall:be members of the Reserve System. Banks organized under the laws of the United States and having license to do business,in the Philippines, and those which up to July fourth, nineteen hundred and forty-six, shall have secured such license, may likewise by members of the Reserve System of the Philippines.if they apply for membership within ninety days from the date of effectivity of this'Act, or m the case of those securing ¦ said license after the date of effectivity of this Act, within ninety days from the date of the issuance of the license.