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CA 458 Section 14

Section 14

Sec. 14. Any member bank may accept drafts or-bills of exchange drawn upon it having not more than six months sight to run, which grow out of transactions involving'the importation or exportation of goods; or which grow out of transactions involving the domestic shipment of goods cm condition that shipping documents conveying or securing title-be attached at the time of acceptance; or which are secured at the time of acceptance by a warehouse receipt or other such document conveying or securing title covering readily marketable staples. No member bank shall accept, whether;in a foreign or domestic transaction,for any one person, company, firm, or corporation, an amount equal at any time in the aggregate to more than fifteen per centum of its paid-up and unimpaired capital stock and surplus, unless the bank is secured.either by attached documents or by seme other actual security growing out of the same transact!an as the acceptance. AGGREGATE LIABILITIES OF MEMBER BANKS

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Other provisions in Chapter II.--ESTABLISHMENT AND FUNCTIONS

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 2026-07-04

CitationCA 458 Section 14 (LawPlayer, data as of 2026-07-04)

Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).

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