PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES
REPUBLIC ACTS
AN ACT AMENDING THE THIRD PARAGRAPH
OF SECTION SIXTEEN HUNDRED AND THIRTY-SEVEN OF THE REVISED
ADMINISTRATIVE CODE, AS AMENDED
|
"Within
the first ten days of January and July of each year, every banking
institution and/or every mutual building and loan association shall pay
a fee to the Bank Commissioner in an amount equivalent to one
seventy-sixth of one per cent of the average total assets of such
banking institution and/or mutual building and loan association during
the preceding six months, but in no case shall such fee be less than
fifty pesos: Provided, however, That the aggregate of such fees
collected in any one year shall not exceed the total actual expenses of
the Bureau of Banking during the year. In the event that the proportion
of fees based upon the averaged total assets of all banking
institutions and/or mutual building and loan associations shall
aggregate an amount in excess of the total actual expenses of the
Bureau of Banking, in any one year, the ratio of the fee to the average
total assets of all such banking institutions and/or mutual building
and loan associations shall correspondingly reduced. The Bank
Commissioner shall, by regulation, prescribe the manner of determining
the average total assets of banking institutions and mutual building
and loan associations for the purpose of the payment of fees."
Sec. 2. This Act shall take effect as of January one, nineteen hundred and forty-seven.
Approved: June 14, 1947.
|