Practice question
A bank willfully violates a final BSP cease-and-desist order by transactions dissipating its assets. Its directors insist closure requires proof that its realizable assets already fall below liabilities as well. Which is correct?
- Both grounds must always coexist
- Closure requires a criminal conviction first
- The specified willful violation is an independent Section 30(d) ground
- Only a depositor referendum can authorize action
- A final cease-and-desist order has no relevance
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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