Practice question
After lawful bank closure under current section 30, an officer insists that the pre-amendment ninety-day bank-rehabilitation procedure must automatically be followed before any liquidation direction. Which is best?
- The old text always overrides amendments
- No statute governs closed banks
- The amended section directs PDIC receivership and liquidation under the current New Central Bank Act and PDIC Charter framework
- All bank assets immediately become the officer’s property
- A former officer may reopen unilaterally
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.