Republic Acts1 min read
Section 25Sec./Art. 25
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A new section entitled Section 12 of the same Act is hereby inserted between Sections 11 and 13 which shall read as follows:
LIQUIDATION OF A CLOSED BANK
SEC. 12. (a) Whenever a bank is ordered closed by the Monetary Board, the Corporation shall be designated as receiver and it shall proceed with the takeover and liquidation of the closed bank in accordance with this Act. For this purpose, banks closed by the Monetary Board shall no longer be rehabilitated.
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