Authorizing Minors To Deposit With And Withdraw From Banks
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Authorizing Minors To Deposit With And Withdraw From Banks
Presidential Decree No. 734
June 25, 1975
Case Overview and Summary
Summary of Presidential Decree No. 734Encouraging Youth to Save and Participate in Economic Development
- Declares the policy of the state to encourage thrift and mobilize savings in banks as an instrument of capital formation for economic growth. (Preamble)
- Recognizes that inculcating the habit of saving in the youth is the best way to attain the national virtue of thrift. (Preamble)
- Grants special capacity and power to minors who meet the following criteria:
- At least seven years of age (Section 1)
- Able to read and write (Section 1)
- Have sufficient discretion (Section 1)
- Not otherwise disqualified by any other incapacity (Section 1)
- Allows qualified minors to:
- Make savings or time deposits with banking institutions in their own right and name (Section 1)
- Withdraw savings or time deposits from banking institutions in their own right and name (Section 1)
- Receive interests on their deposits from banking institutions in their own right and name (Section 1)
- Perform these transactions without the assistance of their parents or guardians (Section 1)
- Overrides provisions of existing laws and regulations that contradict the special capacity granted to qualified minors. (Section 1)
- Allows parents to deposit for their minor children and guardians for their wards. (Section 1)
- Took effect immediately upon issuance on June 25, 1975. (Section 2)
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Executive Issuances
Presidential Decrees
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time deposits
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Authorizing Minors To Deposit With And Withdraw From Banks
Presidential Decree No. 734
•June 25, 1975
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 734 June 25, 1975
AUTHORIZING MINORS TO DEPOSIT WITH AND WITHDRAW FROM BANKS
WHEREAS, it is the declared policy of the state to encourage thrift and mobilize savings in banks as an instrument of capital formation for economic growth;
WHEREAS, the national virtue of thrift is best attained by inculcating in the youth the proper habit of saving; and
WHEREAS, under existing laws, minors are restricted in their capacity to do acts with legal effect, thereby making their deposit and withdrawal transactions binding but voidable contracts;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, in order to encourage our youth to save and participate in the economic development efforts of our country, do hereby decree and order that:
Section 1. Minors who are at least seven years of age, are able to read and write, have sufficient discretion, and are not otherwise disqualified by any other incapacity, are hereby vested with special capacity...
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Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Presidential Decrees
minors
savings
time deposits
banking institutions
withdraw
interests
parents
guardians
economic development
capital formation
thrift
youth
discretion
incapacity
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 734 June 25, 1975
AUTHORIZING MINORS TO DEPOSIT WITH AND WITHDRAW FROM BANKS
WHEREAS, it is the declared policy of the state to encourage thrift and mobilize savings in banks as an instrument of capital formation for economic growth;
WHEREAS, the national virtue of thrift is best attained by inculcating in the youth the proper habit of saving; and
WHEREAS, under existing laws, minors are restricted in their capacity to do acts with legal effect, thereby making their deposit and withdrawal transactions binding but voidable contracts;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, in order to encourage our youth to save and participate in the economic development efforts of our country, do hereby decree and order that:
Section 1. Minors who are at least seven years of age, are able to read and write, have sufficient discretion, and are not otherwise disqualified by any other incapacity, are hereby vested with special capacity...
Login to see full content