Practice question
PDIC as receiver selects a statutorily permitted combination of liquidation modes. Former directors and depositors claim their unanimous consent is an absolute prerequisite to any implementation under Section 13(a). Which answer is correct?
- The provision expressly permits the receiver to act without the consent of the listed stakeholders, subject to statutory requirements.
- Every depositor has an individual veto over all liquidation.
- Former directors retain unlimited exclusive control.
- The receiver may act only after all borrowers vote.
- Any objection automatically reopens the bank.
Legal references
- RA7653 Section30 as amended by RA11211: https://lawphil.net/statutes/repacts/ra2019/ra_11211_2019.html
- PDIC Charter as amended by RA11840, Sections5 and12–16: https://lawphil.net/statutes/repacts/ra2022/ra_11840_2022.html
- PDIC Charter as amended by RA10846, Sections12–16, read with RA11840: https://lawphil.net/statutes/repacts/ra2016/ra_10846_2016.html
Answer this question in flashcards to review your response and continue practicing.