Section 11Sec./Art. 11

Section 13 of the same Act is hereby further amended to read as follows:

"AUTHORITIES OF A RECEIVER AND EFFECTS OF PLACEMENT OF A BANK UNDER LIQUIDATION

"Section 13. (a) The receiver is authorized to adopt and implement, without need of consent of the stockholders, board of directors, creditors or depositors of the closed bank, any or a combination of the following modes of liquidation:

"(1) Conventional liquidation; and

"(2) Purchase of assets and/or assumption of liabilities.

"(b) In addition to the powers of a receiver provided under existing laws, the Corporation, as receiver of a closed bank, is empowered to:

"(1) Represent and act for and on behalf of the closed bank;

"(2) Gather and take charge of all the assets, records and affairs of the closed bank, and administer the same for the benefit of its creditors;

"(3) Convert the assets of the closed bank to cash or other forms of liquid assets, as far as practicable: Provided, That the Corporation is authorized to sell assets of closed banks, which are held by the Corporation as receiver, to a Financial Institutions Strategic Transfer Corporation (FISTC), in accordance with the provisions of Republic Act No. 11523 or the "Financial Institutions Strategic Transfer (FIST) Act." For this purpose, the Board of Directors shall be the appropriate regulatory authority and shall promulgate the necessary implementing rules and regulations.

"x x x."