Practice question
A bank temporarily cannot pay solely because extraordinary demands induced by financial panic in the banking community occur. Regulators invoke only the ordinary inability-to-pay clause, with no other ground established. What statutory issue must be addressed?
- Panic can never be relevant
- The proviso excludes this panic-induced inability from that clause
- Every temporary demand automatically requires closure
- The statute has no exceptions
- The bank is permanently exempt from all regulation
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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