H. No. 5965 / 58 OG No. 2, 198 (January 8, 1962)
"SEC. 14. All Rural Banks created and organized under the provisions of this Act, with net assets not exceeding seven hundred thousand pesos, excluding the counterpart capital subscribed and paid in by the government under sections seven and eight of this Act, shall be exempt from the payment of all taxes, charges and fees of whatever nature and description."