Practice question
How must the conversion of closed-bank assets be carried out under Section 16(b)?
- Secretly in every case
- Without procedures
- Only by lottery
- Only at historical cost
- Fairly and transparently under the receiver’s rules and procedures
Legal references
- RA 10846, Sections 26-29, PDIC Charter Sections 13-16, read with RA 11840: https://lawphil.net/statutes/repacts/ra2016/ra_10846_2016.html
- RA 11840, Sections 4 and 11, amended PDIC Charter Sections 5 and 13: https://lawphil.net/statutes/repacts/ra2022/ra_11840_2022.html
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