Section 3
SEC. 3. Section twenty-three of said Act, as amended, is further amended to read as follows; "SEC. 23. No officer or employee of the bank nor any government official who may exercise executive or supervisory authority over the said bank, either directly, or indirectly, for himself or as the representative or agent of others shall, except when the same shall be in the form of advances appropriated or set aside by the bank itself in order to provide for housing for the benefit of its officials and employees, borrow money from the bank, nor shall become a guarantor, endorser, or surety for loans from the said bank to others, or in any manner be an obligor for moneys borrowed from said bank. Any such officer or employee who violates the provisions of this section shall be immediately removed by competent authority and said officer or employee shall be punished by imprisonment of not less than one year nor exceeding five years and by a fine of riot less than one thousand nor more than five pesos." "SEC. 4. This Act shall take effect upon its approval. Approved, June 17, 1961.