PD 71 Section 12

Section 12

SEC. 12. Section twenty of the same Act is hereby amended to read as follows: "SEC. 20. A commercial banking corporation shall be any corporation which accepts or creates demand deposits subject to withdrawal by check. Upon the effectivity of this Act, only commercial banks may accept or create demand deposits subject to withdrawal by check: Provided, That any other bank, which has been heretofore authorized by the Central Bank to accept demand deposits, may continue accepting demand deposits at the discretion of the Monetary Board."

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Other provisions in PD 71

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 July 4, 2026

CitationPD 71 Section 12 (LawPlayer, data as of July 4, 2026)

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

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