Section 16Sec./Art. 16

Section 34 of the same Act is hereby amended to read as follows:

"Sec. 34. Refusal to Make Reports or Permit Examination. - Any officer, owner, agent, manager, director or officer-in-charge of any institution who, being required in writing by the Monetary Board or by the head of the supervising and examining department within the purview of this Act and relevant laws willfully refuses to file the required report or permit any lawful examination into the affairs of such institution shall be punished by a fine of not less than Fifty thousand pesos (₱50,000) nor more than Two million pesos (₱2,000,000) or by imprisonment of not less than one (1) year nor more than five (5) years, or both, at the discretion of the court.

"This shall also apply to the officer, owner, agent, manager, director or officer-in-charge of the affiliate company/ies whose transactions are subject to examination under this Act."