Practice question
When is bank closure deemed effective under Section 14(a) of the PDIC Charter?
- At the next shareholders’ meeting
- After all loans are repaid
- Upon service of the notice of closure
- Only after liquidation ends
- After three election cycles
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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