Practice question
Four Monetary Board members vote to authorize a special examination under amended Section28. They rely solely on the ordinary meeting concurrence rule. No separate authorization applies. Does the specific special-examination vote requirement permit four affirmative votes?
- No; amended Section28 requires at least five affirmative votes
- Yes; every ordinary meeting rule overrides a specific statutory vote
- Yes; one member alone may always order any special examination
- No; all seven must vote affirmatively in every instance
- Yes; the examined bank may supply the fifth Board vote
Legal references
- RA11211 amendments to RA7653: https://lawphil.net/statutes/repacts/ra2019/ra_11211_2019.html Section11 amending RA7653 Section28.
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