Practice question
A bank employee knowingly accepts a private commission connected with approval of the bank's credit accommodation. The employee argues that Section 55.1 applies only to directors. What is correct?
- The employee is necessarily outside the provision.
- Only shareholders can be covered.
- Only the borrower can violate any rule.
- Only persons with a majority vote are covered.
- The provision expressly includes bank employees as well as directors, officers, and agents.
Legal references
- RA8791, General Banking Law, Sections2 and55: https://lawphil.net/statutes/repacts/ra2000/ra_8791_2000.html
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