Practice question
Under the PDIC Charter, whose benefit guides the receiver's administration of the closed bank's assets?
- Only the former directors' private interests.
- The bank's creditors under the governing law.
- Only the largest shareholder's family.
- Only new advertising customers.
- Only borrowers who refuse payment.
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
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