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  • R.A 1405

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    reshell
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    This document summarizes Republic Act No. 1405 which prohibits the disclosure of or inquiry into deposits with any banking institution in the Philippines. The key points are: 1) It declares the government's policy to encourage deposits in banks to assist economic development and discourage private hoarding. 2) All deposits with banks are considered absolutely confidential and may not be examined or inquired into except by written permission of the depositor or by court order. 3) Bank officials are prohibited from disclosing any information about deposits to unauthorized persons. Violations are punishable by up to 5 years in prison and/or 20,000 peso fine.

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    This document summarizes Republic Act No. 1405 which prohibits the disclosure of or inquiry into deposits with any banking institution in the Philippines. The key points are: 1) It declares the government's policy to encourage deposits in banks to assist economic development and discourage private hoarding. 2) All deposits with banks are considered absolutely confidential and may not be examined or inquired into except by written permission of the depositor or by court order. 3) Bank officials are prohibited from disclosing any information about deposits to unauthorized persons. Violations are punishable by up to 5 years in prison and/or 20,000 peso fine.

    Hak Cipta:

    © All Rights Reserved
    Unduh sebagai PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    99 tayangan1 halaman

    R.A 1405

    Diunggah oleh

    reshell
    This document summarizes Republic Act No. 1405 which prohibits the disclosure of or inquiry into deposits with any banking institution in the Philippines. The key points are: 1) It declares the government's policy to encourage deposits in banks to assist economic development and discourage private hoarding. 2) All deposits with banks are considered absolutely confidential and may not be examined or inquired into except by written permission of the depositor or by court order. 3) Bank officials are prohibited from disclosing any information about deposits to unauthorized persons. Violations are punishable by up to 5 years in prison and/or 20,000 peso fine.

    Hak Cipta:

    © All Rights Reserved
    Unduh sebagai PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    dari 1

    TodayisThursday,February25,2016

    REPUBLICACTNo.1405
    ANACTPROHIBITINGDISCLOSUREOFORINQUIRYINTO,DEPOSITSWITHANYBANKINGINSTITUTION
    ANDPROVIDINGPENALTYTHEREFOR.
    Section 1. It is hereby declared to be the policy of the Government to give encouragement to the people to
    deposittheirmoneyinbankinginstitutionsandtodiscourageprivatehoardingsothatthesamemaybeproperly
    utilizedbybanksinauthorizedloanstoassistintheeconomicdevelopmentofthecountry.
    Section 2. 1 All deposits of whatever nature with banks or banking institutions in the Philippines including
    investments in bonds issued by the Government of the Philippines, its political subdivisions and its
    instrumentalities, are hereby considered as of an absolutely confidential nature and may not be examined,
    inquiredorlookedintobyanyperson,governmentofficial,bureauoroffice,exceptuponwrittenpermissionofthe
    depositor, or in cases of impeachment, or upon order of a competent court in cases of bribery or dereliction of
    dutyofpublicofficials,orincaseswherethemoneydepositedorinvestedisthesubjectmatterofthelitigation.
    Section3.Itshallbeunlawfulforanyofficialoremployeeofabankinginstitutiontodisclosetoanypersonother
    thanthosementionedinSectiontwohereofanyinformationconcerningsaiddeposits.
    Section 4. All Acts or parts of Acts, Special Charters, Executive Orders, Rules and Regulations which are
    inconsistentwiththeprovisionsofthisActareherebyrepealed.
    Section5.Anyviolationofthislawwillsubjectoffenderuponconviction,toanimprisonmentofnotmorethanfive
    yearsorafineofnotmorethantwentythousandpesosorboth,inthediscretionofthecourt.
    Section6.ThisActshalltakeeffectuponitsapproval.
    Approved:September9,1955

    Footnote
    1ThisSectionandSection3werebothamendedbyPDNo.1792issuedJanuary16,1981,PD1792was

    expresslyrepealedbySec135ofR.A.No.7653,approvedJune14,1993.Theoriginalsections2and3of
    R.A.No.1405areherebyreproducedforreference,asfollows"Sec2Alldepositsofwhatevernaturewith
    banksorbankinginstitutionsinthePhilippinesincludinginvestmentsinbondsissuedbytheGovernmentof
    thePhilippines,itspoliticalsubdivisionsanditsinstrumentalities,areherebyconsideredasofanabsolutely
    confidentialnatureandmaynotbeexamined,inquiredorlookedintobyanyperson,governmentofficial,
    bureau or office, except upon written permission of the depositor, or in cases of impeachment, or upon
    orderofacompetentcourtincasesofbriberyorderelictionofdutyofpublicofficials.orincaseswherethe
    money deposited or invested is the subject matter of the litigation," "Sec. 3. It shall be unlawful for any
    officialoremployeeofabankinginstitutiontodisclosetoanypersonotherthanthosementionedinSection
    twohereofanyinformationconcerningsaiddeposits."
    TheLawphilProjectArellanoLawFoundation

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