Practice question
A trust entity opens a new branch to conduct its ordinary business without prior Monetary Board approval and argues a trustee license itself authorizes unlimited locations. Which is correct under Section 93?
- Every license automatically authorizes all locations
- Only customers may approve branches
- Branches are exempt from all regulation
- The section requires prior Monetary Board approval for the specified branch establishment.
- A new signboard is sufficient approval
Legal references
- General Banking Law, RA 8791, Sections 3, 55, 87-88 and 92-93: https://lawphil.net/statutes/repacts/ra2000/ra_8791_2000.html
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