Practice question
A bank says receivership cannot follow closure because no conservator was previously appointed. Which is correct?
- Conservatorship is always mandatory first
- A conservator must serve for five years
- Only shareholders can waive conservatorship
- Receivership is abolished
- Section 30 expressly says conservator designation is not a precondition to receiver designation
Legal references
- https://lawphil.net/statutes/repacts/ra2019/ra_11211_2019.html — RA 11211, section 13 replacing RA 7653 section 30
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