Practice question
How must the Monetary Board notify a closed bank’s board of directors of the closure decision under amended Section 30?
- Only through a newspaper advertisement
- Only by a borrower’s phone call
- Only through an annual tax return
- In writing, through the receiver
- Notice is expressly forbidden
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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