Practice question
A bank publicly announces that it has unilaterally closed, although it has been dormant for only ten days. Does the sixty-day dormancy period prevent reliance on Section 30(a)?
- No; a public announcement of unilateral closure is a separate express alternative
- Yes; every alternative requires sixty days
- Yes; a year is always required
- Yes; only depositors may announce closure
- No, but only because announcement automatically pays all creditors
Legal references
- RA 11211, Section 13, amending RA 7653 Section 30: https://lawphil.net/statutes/repacts/ra2019/ra_11211_2019.html
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