Practice question
Under RA 1405 Section 1, deposited funds are intended to be properly utilized in what way?
- Only as untouchable physical notes forever.
- Only as gifts to bank officers.
- Only to purchase private account data.
- Only to finance every illegal activity.
- Authorized bank loans assisting economic development.
Legal references
- RA1405, Section1, purpose of deposit secrecy: https://lawphil.net/statutes/repacts/ra1955/ra_1405_1955.html
- PD1246, preamble and Section2 amending RA6426Section8: https://lawphil.net/statutes/presdecs/pd1977/pd_1246_1977.html
Answer this question in flashcards to review your response and continue practicing.