Practice question
The Monetary Board fixed a conservator’s lawful annual remuneration payable in twelve equal monthly installments. After four months, it terminates conservatorship because the bank can operate on its own. The bank refuses the unpaid balance because no more work will be performed. Which result follows Section 29?
- The conservator receives the balance through the end of the year
- All four installments must be returned
- Only one further installment is payable
- No unpaid balance is ever payable
- Shareholders decide whether the statute applies
Legal references
- RA 7653, Section 29 (conservatorship): https://lawphil.net/statutes/repacts/ra1993/ra_7653_1993.html
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