REPUBLIC ACT No. 4879
An Act to Amend Section Fifty-Three of Republic Act Numbered Three Hundred Thirty-Seven, Otherwise Known as "The General Banking Act"
Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:
Section 1. Section fifty-three of Republic Act Numbered Three hundred thirty-seven is hereby amended to read as follows:
"Sec. 53. Mutual building and loan associations may purchase, hold, and convey real estate under the same conditions as those specified with reference to commercial banks in Section twenty-five of this Act. They may also acquire real estate for subdivision into residential lots, on each of which it must construct and erect a residential house for disposition by sales or lease exclusively to their members: Provided, That each association shall not invest more than twenty-five (25%) percent of its paid-in capital and surplus in the acquisition of real estate for subdivision purposes: Provided, further, That a member of any building and loan association shall acquire not more than one residential lot, subdivided under this Section: Provided, finally that the acquisition and resale or lease of real estate as provided for in this section shall be subject to the approval of two-thirds of all the members of the Board of Directors of the associations."
Section 2. This Act shall take effect upon its approval.
Approved: June 17, 1967.
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