Republic Acts1 min read
Section 7Sec./Art. 7
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Section 8 of the same Act is hereby further amended to read as follows:
"SANCTIONS AGAINST UNSAFE AND UNSOUND BANKING
"Section 8. (a) Whenever upon examination by the Corporation into the condition of any insured bank, it shall be disclosed that an insured bank or its directors or agents have committed, are committing or about to commit unsafe or unsound banking, or have violated, are violating or about to violate any provisions of any law or regulation to which the insured bank is subject. The Board of Directors shall submit the report of the examination to the Monetary Board.
"(b) The Corporation may terminate the insured status of any bank that fails or refuses to comply, within thirty (30) days from notice, with any cease-and-desist order issued by the Bangko Sentral ng Pilipinas, pertaining to a deposit-related unsafe and/or unsound banking.
"x x x."
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