THIRTEENTH CONGRESS OF THE REPU3LIC ? 
OF THE PHILIPPINES 
? 
-04 PffG 19 p 2 :-+4 
First Regular Session 
? 
Introduced by Senator Miriam Defensor Santiago 
EXPLANATORY NOTE 
Every technological breakthough changes the procedure in transacting business. The 
payment of bills, whether it be for utilities, groceries, gasoline, medicine, or a ~ y  
other item, can 
now be made tlm a credit card, automated teller machine card, or by telephone. 
The use of electronic systems to transfer funds has provided substantial benefits to 
consumers. However, due to the characteristics of such systems, the application of existing 
consumer protection legislation is unclear. The rights and liabilities o f  consumers, financial 
institutions, and intermediaries in electronic fund transfers are undefined. 
This bill seeks to establish the rights, liabilities, and responsibilities of participants in 
electronic fund transfer systems. 


‘04 /\:,,$ 17 i:’ 3 1: 
n ~, 
THIRTEENTH CONGRESS OF THE REPUBLIC ) 
OF THE PHILIPPINES 
1 
First Regular Session 
1 
Introduced by Senator Miriam Defensor Santiago 
AN ACT 
DEFINING THE RIGHTS AND LIABILITIES OF PARTIES IN ELECTRONIC FUND 
TRANSFERS 
Be it enacted by the Senate and the House of Representatives of the Philippines in 
Congress assembled: 
SECTION 1. Short Title.- This Act shall be known as the “Electronic Fund Transfer 
Act.” 
SECTION 2. Declaration of Policy.- It is the policy of the State to promote commercial 
transactions. Toward this end, the State shall enact measures to protect the rights and define the 
liabilities of parties in commercial transactions. 
SECTION 3. Definitions.- As used in this Act - 
(1) the term “accepted card or other means of access” means a card code or other means 
of access to a consumer’s account for the purpose of initiating electronic fund transfers when the 
person, to whom such card or other means of access was issued, has requested and received, or 
has signed or has used, or authorized another to use, such card or other means of access for the 
purpose of transferring money between accounts or obtaining money, property, labor, or 
services; 
(2) the term “account” means a demand deposit, savings deposit, or other asset account 
(other than an occasional or incidental credit balance in an open end credit plan), as described in 
regulations o f  the Board, established primarily for personal, family, or household purposes, but 
such term does not include an account held by a financial institution pursuant to a bona fide trust 
agreement; 
(3) the term “Board” means the Board of Governors of the Bangko Sentval ng Pilipinas; 


(4) the term “business day” means any day on which the offices of the consumer’s 
financial institution involved in an electronic fund transfer are open to the public for canylng on 
substantially all of its business functions; 
(5) the term “consumer” means a natural person; 
(6) the term “electronic fund transfer” means any transfer of funds, other than a 
transaction originated by check, draft, or similar paper instrument, which is initiated through an 
electronic terminal, telephonic instrument, or computer or magnetic tape so as to order, instruct 
or authorize a financial institution to debit or credit an account. Such term includes direct 
deposits or withdrawals of funds, and transfers initiated by telephone. Such term does not 
include- 
(A) any check guarantee or authorization service which does not directly result in 
a debit or credit to a consumer’s account; 
(B) any transfer of funds, other than those processed by automated 
clearinghouses, made by a financial institution on behalf of a consumer by means of a 
service that transfers funds held at either banks or other depository institutions and which 
is not designed primarily to transfer funds on behalf of a consumer; 
(C) any transaction the primary purpose of which is the purchase or sale of 
securities or commodities through a broker-dealer registered with or regulated by the 
Securities and Exchange Commission; 
(D) any automatic transfer from a savings account to a demand deposit account 
pursuant to an agreement between a consumer and a financial institution for the purpose 
of covering an overdraft or maintaining an agreed upon minimum balance in the 
consumer’s demand deposit account; or 
(E) any transfer of funds which is initiated by a telephone conversation between a 
consumer and an officer or employee of a financial institution which is not pursuant to a 
pre-arranged plan and under which periodic or recumng transfers are not contemplated; 
(7) the term “electronic terminal” means an electronic device, other than a telephone 
operated by a consumer, through which a consumer may initiate an electronic fund transfer. Such 
term includes, but is not limited to, point-of-sale terminals, automated teller machines, and cash 
dispensing machines; 


(8) the term “financial institution” means a bank, a savings and loan association, a mutual 
savings bank, a credit union, or any other person who, directly or indirectly, holds an account 
belonging to a consumer; 
(9) the term “pre-authorized electronic fund transfer” means an electronic fund transfer 
authorized in advance to recur at substantially regular intervals; 
(10) the term “unauthorized electronic fund transfer” means an electronic fund transfer 
from a consumer’s account initiated by a person other than the consumer without actual authority 
to initiate such transfer and from which the consumer receives no benefit, but the term does not 
include any electronic fund transfer (A) initiated by a person other than the consumer who was 
furnished with the card, code, or other means of access to such consumer’s account by such 
consumer, unless the consumer has notified the financial institution involved that transfers by 
such other person ax no longer authorize; (B) initiated with kaudulent intent by the consumer or 
any person acting in conceit with the consumer; or (C) which constitutes an error committed by a 
financial institution. 
SECTION 4. Regulations.- (1) The Board shall prescribe regulations to cany out the 
purposes of this Act. In prescribing such regulations, the Board shall: 
(A) consult with the other affected agencies and take into account and allow for, the 
continuing evolution of electronic banking services and the technology utilized in such services. 
(E3) prepare an analysis of economic impact which considers the costs and benefits to 
financial institutions, consumers, and other users of electronic fund transfers, including the 
extent to which additional documentation, reports, records, or other paper work would be 
required, and the effects upon competition in the provision of electronic banking services among 
large and small financial institutions and the availability of such services to different classes of 
consumers, particularly low income consumers, 


(C) to the extent practicable, the Board shall demonstrate that the consumer protections of 
the proposed regulations outweigh the compliance costs imposed upon consumers and financial 
institutions; and 
(1) any proposed regulations and accompanying analyses shall be sent promptly to 
Congress by the Board. 
(2) The Board shall issue model clauses for optional use by financial institutions to 
facilitate compliance with the disclosure requirements of the following section and to aid 
consumers in understanding the rights and responsibilities of participants in electronic fund 
transfers by utilizing readily understandable language. With respect to the disclosures required 
by Section 5, the Board shall lake account of variations in the services and charges under 
different electronic fund transfer systems and, as appropriate, shall issue alternative model 
clauses for disclosure of these differing account terms. 
(3) Regulations prescribed hereunder may contain such classifications, differentiations, or 
other provisions, and may provide for such adjustments and exceptions for any class of 
electronic fund transfers, as, in the judgment of the Board, are necessary or proper to effectuate 
the purposes of this Act, to prevent circumvention or evasion thereof, or to facilitate compliance 
therewith. This Board shall by regulation modify the requirements imposed by this Act on small 
financial institutions if the Board determines that such modifications are necessary to alleviate 
any undue compliance burden on small financial institutions and such modifications are 
consistent with the purpose and objective of this subchapter. 
(4) In the event that electronic fund transfer services are made available to consumers by 
a person other than a financial institution holding a consumer’s account, the Board shall by 
regulation assure that the disclosures, protections, responsibilities, and remedies created by this 
Act are made applicable to such persons and services. 
SECTION 5. Terms and Conditions of Transfers.- 
(1) The terms and conditions of electronic f h d  transfers involving a consumer’s account 
shall be disclosed at the time the consumer contracts for an electronic fund transfer service, in 


accordance with regulations o f t he B oard. Such disclosures shall be in readily understaiidable 
language and shall include, to the extent applicable- 
(A) the consumer’s liability for unauthorized electronic fund transfers and, at the 
financial institution’s option, notice of the advisability of prompt reporting of any loss, 
theft, or unauthorized use of a card, code, or other means of access; 
(B) the telephone number and address o f  the person or office to he notified in the 
event the consumer believes that an unauthorized electronic fund transfer has been or 
may be effected; 
(C) the type and nature of electronic fund transfers which the consumer may 
initiate, including any limitations on the frequency or 5 ollar amount o f s uch transfers, 
except that the details of such limitations need not be disclosed if their confidentiality is 
necessary to maintain the security of an electronic fund transfer system, as determined by 
the Board; 
(D) any charges for electronic fund transfers or for the right to make such 
transfers; 
(E) the consumer’s right to stop payment of a preauthorized electronic fund 
transfer and the procedure to initiate such a stop payment order; 
(F) the consumer’s right to receive documentation of electronic fund transfers 
under Section 6; 
(G) a summary, in a form prescribed by regulations of the Board, of the error 
resolution provisions of section 8 and the consumer’s rights thereunder. The financial 
institution shall thereafter transmit such summary at least once per calendar year; 
(H) the financial institution’s liability to the consumer under Section 10; and 
(I) under what circumstances the financial institution will, in the ordinary course 
of business, disclose information concerning the consumer’s account to third person. 
(2) A financial institution shall notify a consumer in writing at least twenty-one (21) days 
prior to the effective date of any change in any term o r condition o f t he c onsumer’s account 
required to be disclosed under subsection (1) of this section if such change would result in 
greater cost or liability for such consumer or decreased access to the consumer’s account. A 
financial institution may, however, implement a change in the terms or conditions of an account 


without prior notice when such change is immediately necessary to maintain or restore the 
security of an electronic fund transfer system or a consumer’s account. Subject to subsection 
(l)(C) of this section, the Board shall require subsequent notification if such a change is made 
permanent. 
(3) For any account o f  a consumer made accessible to electronic fund transfers prior to 
the effective date of this Act, the information required to be disclosed to the consumer under 
subsection (1) oftbis section shall be disclosed not later than the earlier of - 
(A) the first periodic statement required by section 6 after the effective date of this 
Act; or 
(B) thirty (30) days after the effective date of this Act. 
SECTION 6. Documentation of Transfers.- 
(1) For each electronic fund transfer initiated by a consumer from an electronic terminal, 
the financial institution holding such consumer’s account shall, directly or indirectly, at the time 
the transfer is initiated, make available to the consumer written .documentation of such transfer. 
The documentation shall clearly set forth to the extent applicable - 
(A) the amount involved and the date the transfer is initiated; 
(B) the type of transfer; 
(C) the identity of the consumer’s account with the financial institution from which, 
or to which, funds are transferred; 
(D) the identity of any third party to whom or from whom h d s  are transferred; and 
(E) the location or identification of the electronic terminal involved. 
(2) For a consumer’s account which is scheduled to be credited by a pre-authorized 
electronic fund transfer from the same payor at least once in each successive sixty-day period, 
except where the payor provides positive notice of the transfer to the consumer, the financial 
institution shall elect to provide promptly either positive notice to the consumer when the credit 
is made as scheduled, or negative notice to the consumer when the credit is not made as 
scheduled, i 11 a ccordance with regulations o f t he B oard. The m eans of notice elected shall be 
disclosed to the consumer in accordance with section 5 of this Act. 


(3) A financial institution shall provide each consumer with a periodic statement for each 
account of such consumer that may be accessed by means of an electronic fund transfer. Except 
as provided in subsection (4) and (5) of this section, such statement shall be provided at least 
monthly for each nioiithly or shorter cycle in which an electronic fund transfer affecting the 
account has occurred, or every thee (3) months, whichever is more frequent. The stalement, 
which may include information regarding transactions other than electronic fund transfers, shall 
clearly set forth - 
(A) with regard to each electronic fund transfer during the period, the information 
described in subsection (1) of this Section, which may be provided on an accompanying 
document: 
(E) the amount of any fee or charge assessed by the financial institution during 
the period for eleckonic f k d  transfers or for account maintenance; 
(C) the balances in the consumer’s account at the beginning of the period and at 
the close of the period; and 
(D) the address and telephone number to be used by the financial institution for 
the purpose of receiving any statement inquiry or notice of account error froin the 
consumer. Such address and telephone number shall be preceded by the caption “Direct 
Inquiries to:” or other similar language indicating that the address and number are to be 
used for such inquiries or notices. 
(4) In the case of a consumer’s passbook account which may not be accessed by 
electronic fund transfers other than pre-authorized electronic fund transfers crediting the account, 
a financial institution may, in lieu of complying with the requirements of subsection (3) of this 
section, upon presentment of the passbook, provide the consumer in writing with the amount and 
date of each such transfer involving the account since the passbook was last presented. 
(5) In the case of consumer’s account, other than a passbook account, which may not be 
accessed by electronic fund transfers other than pre-authorized electronic fund transfers crediting 
the account, the financial institution may provide a periodic statement on a quarterly basis which 
otherwise complies with the requirements of subsection (3) of this Section. 
(6) In any action involving a consumer, any documentation required by this section to be 
given to the consumer which indicates that an electronic fund transfer was made to another 


I. 
person shall be adinissibk as evidence of such transfer and shall constitute prima facie proof that 
such transfer was made. 
SECTION 7. Pre-authorized Transfers. - 
(1) A preauthonzed electronic fund transfer from a consumer’s account may be 
authorized by the consumer only in writing, and a copy of such authorization shall be provided to 
the consumer when made. A consumer may stop payment of pre-authorized electronic fund 
transfer by notifying the financial institution orally or in writing at any time up to three (3) 
business days preceding the scheduled date of such transfer. The financial institution may require 
written confirmation to be provided to it within fourteen (14) days of an oral notification if, when 
the oral notification is made, the consumer advised of such requirement and the address to which 
such confitmation should be sent. 
(2) In the case of pre-authorized transfers from a consumer’s account to the same person 
which may vary in amount, the financial institution or designated payee shall, prior to each 
transfer provide reasonable advance notice to the consumer, in accordance with regulations of 
the Board, of the amount to be transferred and the scheduled date of the transfer. 
SECTION 8. Error Resolution. - 
(1) If a financial institution, within sixty (60) days after having transmitted to a consumer 
documentation pursuant to this Act, receives oral or written notice in which the consumer - 
(A) sets forth or otherwise enables the financial institution to identify the name 
and account number of the consumer; 
(B) indicates the consumer’s belief that the documentation, or, in the case of 
notification pursuant to Section 6, the consumer’s account, contains an error and the 
amount of such error; and 
(C) sets forth the reasons for the consumer’s belief (where applicable) that an 
error has occurred, the financial institution shall investigate the alleged error, determine 
whether an error has occurred, and report or mail the results of such investigation and 


determination to the consumer within ten (10) business days. The financial institution 
may require written confinnation to be provided to it within ten (10) business days of an 
oral notification of error if, when the oral notification i s  made, the consumer is advised of 
such requirement and the address to which such confirmation should be sent. A financial 
institution which requires written confirmation in accordance with the previous sentence 
need not provisionally recredit a consumer’s account in accordance with subsection (3) of 
this section, nor shall the financial institution be liable under subsection (5) of this section 
if the written confirmation is not received within the t en-day p eriod referred to in the 
previous sentence. 
(2) If the financial institution determines that an error did occur, it shall promptly, but in 
no event more than one (1) business day after such determination, correct the error, subject to 
section 9, including the crediting of interest where applicable. 
(3) If a financial institution receives notice of an error in the manner and within the time 
period specified in subsection (1) of this section, it may, in lieu of the requirements of 
subsections (1) and (2) of this Section, within ten (10) business days after receiving such notice 
provisionally recredit the consumer’s account for the amount alleged to be in error, subject to 
Section 9, including interest where applicable, pending the conclusion of its investigation and its 
determination of whether an error has occurred. Such investigation shall be concluded not later 
than forty-five (45) days after receipt of notice of the error. During the pendency of the 
investigation, the consumer shall have full use of the funds provisionally recredited. 
(4) If the financial institution determines after its investigation pursuant to subsection (1) 
or (3) of this section that an error did not occur, it shall deliver or mail to the consumer an 
explanation of its findings within three (3) business days after the conclusion of its investigation, 
and upon the request of the consumer promptly deliver or mail to the consumer reproductions of 
all documents which the financial institution relied on to conclude that such error did not occur. 
The financial institution shall include notice of the right to request reproductions with the 
explanation of its findings. 
(5) If any action under this Act, the court finds that - 
(A) the financial institution did not provisionally recredit a consumer’s account 
within the ten-day period specified in subsection (3) of this section, and the financial 


institution (i) did not make a good faith investigation of the alleged error; or (ii) did not 
have a reasonable basis for believing that the consumer’s account was not in error; or 
(B) the financial institution knowingly and willfully concluded that the 
consumer’s account w as not in error when such conclusion could not reasonably have 
been drawn from the evidence available to the financial institution at the time of its 
investigation, then the consumer shalI be entitled to treble damages. 
(6) For the purpose of this section, an error consists of - 
(A) an unauthorized electronic fund transfer; 
(B) an incorrect electronic fund transfer from or to the consumer’s account; 
(C) the omission from a periodic statement of an electronic fund transfer affecting the 
consumer’s account which should have been included; 
@)a computational error by the financial institution; 
(E) the consumer’s receipt for an incorrect amount of money from an electronic 
terminal; 
(F) a consumer’s request for additional inrormation or clarification concerning an 
electronic fund transfer or any documentation required by this Act; or 
(G) any other error described in regulations of the Board. 
SECTION 9. Consumer Liability.- 
(1) A consumer shall be liable for any unauthorized electronic fund transfer involving the 
account of such consumer only if the card or other means of access utilized for such transfer was 
an accepted card or other ineans of access and if the issuer of such card, code, or other means of 
access has proyided a means whereby the user of such card, code, or other means of access can 
be identified as the person authorized to use it, such as by signature, photograph or fingerprint, or 
by electronic or mechanical confirmation. In no event, however, shall a consumer’s liability for 
an unauthorized transfer exceed the lesser of - 
(A) One Thousand Pesos (P1,OOO.OO); or 
(B) The amount of money or value of property or services obtained in such 
unauthorized electronic fund transfer prior to the time the financial institution is notified 
of or otherwise becomes aware of, circumstances which lead to the reasonable belief that 


an unauthorized electronic fuid transfer involving the consumer’s account has been or 
may be effected. Notice under this paragraph is sufficient when such steps have been 
taken as m ay b e r easonably required in the ordinary c ourse of business to provide the 
financial institution with the pertinent information, whether or not any particular oi‘ficer, 
employee, or agent of the financial institution does in fact receive such information. 
Notwithstanding the foregoing, reimbursement need not be made to the consumer for 
losses the financial institution establishes would not have occurred but for the failure of the 
consumer to report within sixty (60) days of transmittal of the statement (or in extenuating 
circumstances such as extended travel or hospitalization, within a reasonable time under the 
circumstances) any unauthorized electronic fund transfer or account error which appears on the 
periodic statement provided to the consumer €or losses which the financial institution establishes 
would not have occurred but for the failure of the consumer to report any loss or theft of a card 
or other means of access within two (2) business days after the consumer learns of the loss or 
theft (or in extenuating circumstances such as extended travel or hospitalization, within a longer 
period which is reasonable under the circumstances), hut the consumer’s liability under this 
subsection in any such case may not exceed a total of Ten Thousand Pesos (PlO,OOO.OO) or the 
amount of unauthorized electronic fund transfers which occur following the close of two (2) 
business days (or such longer period) after the consumer learns of the loss or theft but prior to 
notice to the financial institution under this subsection, whichever is less. 
(2) In any action which involves a consumer’s liability for an unauthorized electronic 
fund transfer, the burden of proof is upon the financial institution to show that the electronic fund 
transfer was unauthorized, then the burden of proof is upon the financial institution to establish 
that the conditions of liability set forth in subsection (2) of this Section have been met, and, if the 
transfer was initiated afrer the effective date of this Act, that the disclosures required to be made 
to the consumer under Section 5 were in fact made in accordance with such section. 
(3) In the event of a transaction which involves both an unauthorized electronic fund 
transfer and an extension of credit to an agreement between the consumer and the financial 
institution to extend such credit to the consuner in the event the consumer’s account is 
overdrawn, the 1 imitation on the consumer’s liability for such transaction shall be determined 
solely in accordance with this section. 


(4) Nothing in this section imposes liability upon a consumer for an authorized electronic 
fund transfer in excess of his liability for such a transfer under other applicable law or under any 
agreement with the consumer’s financial institution. 
(5) Except as provided in this Section, a consumer incurs no liability from an 
unauthorized electronic fund transfer. 
SECTION 10. Liability of Financial Institutiom- 
(1) Subject to subsections (2) and (3) of this Section, a financial institution shall be liable 
to a consumer for all damages proximately caused by - 
(A) the financial institution’s failure to make an electronic fund transfer, in 
accordance with the terms and conditions of an account, in the correct amount or in a 
timely manner when properly instrncted to do so by the consumer, except where- 
(i) the consumer’s account has insufficient funds; 
(ii) the funds are subject to legal process or other encumbrance restricting 
such transfer; 
(iii) such transfer would exceed an established credit limit; 
(iv) an electronic terminal has insufficient cash to complete the 
transaction; or 
(v) as otherwise provided in regulations of the Board. 
(B) the financial institution’s failure to make an electronic fund transfer due to 
insufficient funds when the financial institution failed to credit, in accordance with the 
terms and conditions of an account, a deposit of funds to the consumer’s account which 
would have provided sufficient funds to make the transfer. 
(C) The financial institution’s failure to stop payment of a pre-authorized transfer 
from a consumer’s account when instructed to do so in accordance with the terms and 
conditions of the account. 
(2) A financial institution shall not be liable under subsection (2)(A) or (B) of this 
Section if the financial institution shows by a preponderance of the evidence that its action or 
failure to act resulted from - 


(A) an act of God or other circumstance beyond its control, that it exercised 
reasonable care to prevent such an occurrence, and that it exercised such diligence as the 
circumstances required; or 
(B) a technical malfunction which was known to the consumer at the time he 
attempted to initiate an electronic fund transfer or, in the case of a prc-authorized transfer, 
at the time such transfer should have occurred. 
(3) In the case of a failure described in subsection (1) of this Section which was not 
intentional and which resulted from a bona fide error, notwithstanding the maintenance of 
procedures reasonably adopted to avoid any such error, the financial institution shall be liable for 
actual damages proved. 
SECTION 1 1. Issuance of Cards or Other Means ofAccess.- 
(1) No person may issue to a consumer any card, code, or other means of access to such 
consumer’s account for the purpose of initiating an electronic fund transfer other than - 
(A) in response to a request or application therefore; or 
(B) as renewal of, or in substitution for, an accepted card, code, or other means of 
access, whether issued by the initial insurer or a successor. 
(2) Notwithstanding the provisions of subsection (A) of this section, a person may 
distribute to a consumer on an unsolicited basis a card, code, or other means of access for use in 
initiating an electronic fund transfer from such consumer’s account, if - 
(A) such card, code, or other means of access is not validated; 
(B) such distribution i s  accompanied by a complete disclosure, in accordance with 
Section 5, of the consumer’s rights and liabilities which apply if such card, code, or 
other means of access is validated; 
(C) such distribution is accompanied by a clear explanation, in accordance with 
regulations of the Board, that such card, code, or other means of access is not 
validated and how the consumer may dispose of such code, card, or other means of 
access if validation is not desired; and 


. 
(D) such card, code or other means of access is validated only in response to a 
request or application from the consumer, upon verification of the consumer’s 
identity. 
(3) For the purpose of subsection (2) of this Section, a card, code, or other means of 
access is validated when it may be used to initiate an electronic fund transfer. 
SECTION 12. Suspension of Obligations.- If a system malfunction prevents the 
effectuation of an electronic fund transfer initiated by a consumer to another person, and such 
other person has agreed to accept payment by such means, the consumer’s obligation to the other 
person shall be suspended until the malfunction is corrected and the electronic fund transfer may 
be completed, unless such other person has subsequently, by written request, demanded payment 
by means other than an electronic fund transfer. 
SECTION 13. Compulsory Use ofElectronic Fund Transfers.- No person may - 
(1) condition the extension o f c redit to a c onsumer o n such c onsumer’s repayment by 
means of pre-authorized electronic fund transfers; or 
(2) require a consumer to establish an account for receipt of electronic fund transfers with 
a particular financial institution as a condition of employment or receipt of a government benefit. 
SECTION 14. Wuyaiver ofRighbs.- No writing or other agreement between a consumer and 
any other person may contain any provision which constitutes a waiver of any right conferred or 
cause of action created by this Act. Nothing in this section prohibits, however, any writing or 
other agreement which grants to a consumer a more extensive right or remedy or greater 
protection than contained in this subchapter or a waiver given in settlement of a dispute or 
action. 
SECTION 15. Separability Clause.- If any provision, or part hereof, is held invalid or 
unconstitutional, the remainder o€ the law or the provision not otherwise affected shall remain 
valid and subsisting. 


SECTION 16. Repealing Clause.- Any law, presidential decree or issuance, executive 
order, letter of instruction, administrative order, rule or regulation contrary to or inconsistent 
with, the provisions of this Act is hereby repealed, modified or amended accordingly. 
SECTION 17. Effectivity Clause.- This Act shall take effect fifieen ( 15) days after its 
publication in at least two (2) newspapers of general circulation. 
Approved, 
FN: 337