RA 4378 Section 7

Section eleven of said Act is hereby amended to read as follows: "SEC. 11. Prior Licensing.

Section 7

SEC. 7. Section eleven of said Act is hereby amended to read as follows: "SEC. 11. Prior Licensing.—All associations, prior to transacting any business, shall procure a license to transact business from the Monetary Board. After due notice and hearing, the Monetary Board may revoke, or suspend for such period as it determines, the license of any association, the solvency of which is imperiled by losses or irregularities or of any association which willfully violates any provisions of this Act or any regulation issued thereunder."

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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

CitationRA 4378 Section 7 (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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