Practice question
A closed bank’s shareholders refuse consent to the receiver’s lawful selection of a section 13 liquidation mode. Does their refusal alone veto it?
- No, the statute permits implementation without the listed stakeholders’ consent
- Yes, every shareholder must consent
- Yes, only former officers decide
- Yes, only a unanimous depositor vote permits liquidation
- Yes, creditors have no statutory process
Legal references
- https://lawphil.net/statutes/repacts/ra2019/ra_11211_2019.html — RA 11211, section 13 replacing RA 7653 section 30
- https://lawphil.net/statutes/repacts/ra2022/ra_11840_2022.html — RA 11840, section 11 amending PDIC Charter section 13
Answer this question in flashcards to review your response and continue practicing.