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Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

SECTION 1. Section four of Commonwealth Act Numbered Five hundred and sixty-five is hereby amended to read as follows:

"SEC. 4. The provisions of the Corporation Law and of existing laws regulating agricultural or other cooperative associations, as are not inconsistent with the provisions of this Act, shall apply to the cooperative associations herein authorized."

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

Approved, October 30, 1946.

[ REPUBLIC ACT NO. 89, October 30, 1946 ]

AN ACT TO AMEND SECTION FOUR OF COMMONWEALTH ACT NUMBERED FIVE HUNDRED AND SIXTY-FIVE BY WITHDRAWING THE EXEMPTION GRANTED IN FAVOR OF COOPERATIVE ASSOCIATIONS REFERRED TO THEREIN FROM THE PAYMENT OF TAXES.