Practice question
After closure notice is served, a former director refuses to surrender records and says the receiver may not enter the locked bank without shareholder consent. Analyze takeover powers and duties.
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
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