Practice question
Which modes of liquidation are expressly recognized in the amended PDIC Charter?
- Only public destruction of records.
- Only gifts to former management.
- Conventional liquidation and purchase of assets and/or assumption of liabilities.
- Only automatic debt forgiveness.
- Only perpetual continuation under the old directors.
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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