Preamble
WHEREAS, to effectively supervise rural banks controlled by a cooperative or a corporation, the Central Hank should exercise some form of authority over such cooperative or corporation; WHEREAS, the Central Bank should be able to act with deliberate speed in preventing erosion of public confidence in mismanaged banks. NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution do hereby decree and order as follows: