Practice question
An authorized universal bank asks whether section 6’s express authority includes quasi-banking functions. Which is correct?
- Yes, the section expressly includes that authority for universal or commercial banking authorization
- No, no bank can perform quasi-banking
- Only a warehouse may do so
- Only trustors may do so
- A separate private contract alone replaces BSP authority
Legal references
- https://lawphil.net/statutes/repacts/ra2000/ra_8791_2000.html — RA 8791, sections 3, 4, 6 and 79–83
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