Practice question
PDIC as receiver proposes selling qualifying closed-bank assets to a FIST corporation in accordance with RA 11523 and applicable rules. A stakeholder argues section 13 categorically forbids that buyer type. Which is correct?
- FIST transfers are always forbidden
- RA 11840 expressly authorizes the stated route, subject to the FIST Act and implementing framework
- Only former shareholders can ever buy assets
- All asset sales require individual depositor consent
- The receiver may disregard every valuation and procedural requirement
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
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