Republic Act No. 4910

An Act Amending Section Twenty-Seven 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 twenty-seven of Republic Act Numbered three hundred thirty-seven, otherwise known as the General Banking Act, is hereby amended to read as follows:

"Sec. 27. Any commercial bank organized under the laws of the Philippines may, with the prior approval of the Monetary Board, establish branches in the Philippines or branches and agencies outside the Philippines, and the bank shall be responsible for all business conducted in such branches to the same extent and in the same manner as though such business had all been conducted in the head office.

"For the purposes of this Act, a bank and its branches shall be treated as a unit."

Section 2. This Act shall take effect upon its approval.

Approved: June 17, 1967.