Practice question
Which is an express section 13 liquidation mode?
- Automatic gifting of all assets
- Only reopening with the old board
- Only indefinite storage without action
- Purchase of assets and/or assumption of liabilities
- Automatic conversion into a private club
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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