Practice question
A closed bank’s directors retain its electronic records after service of closure notice. What duty does Section 14(c) impose?
- Immediately account for, surrender and turn over the records and provide relevant information to the receiver
- Destroy the data
- Wait for each depositor’s consent
- Sell the data privately
- Retain the records until directors are paid first
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
Answer this question in flashcards to review your response and continue practicing.