Practice question
A locked bank refuses entry after notice of closure has been served. PDIC proposes reasonable force to open the premises and take custody of assets and records, requesting police assistance where circumstances warrant. Is the plan within the charter?
- Only entry without any physical assistance is permitted
- Force is unlimited and unrelated to necessity
- Yes; Section 14 permits reasonable force necessary for takeover and appropriate requested assistance
- Only shareholders may authorize entry after closure
- PDIC must leave records under former management indefinitely
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.