Section 11Sec./Art. 11

Section 11, subsection (d) of the same Act is hereby amended to read as follows:

"(d) If, after the Corporation shall have given at least three (3) months notice to the depositor by mailing a copy thereof to his last known address appearing on the records of the closed bank, the depositor in the closed bank shall fail to file a claim for his insured deposit from the Corporation within eighteen (18) months after the Monetary Board of the Central Bank of the Philippines shall have ordered the closure of said bank pursuant to Section 29 of R.

A. 265 as amended, all rights of the depositor against the Corporation with respect to the insured deposit shall be barred, and all rights of the depositor against the closed bank and its shareholders or the receivership estate to which the Corporation may have become subrogated, shall thereupon revert to the depositor:Provided,That the claimant shall enforce his duly-filed claim against the Corporation within one (1) year after the eighteen-month period heretofore mentioned. Thereafter, the Corporation shall be discharged from any liability on the insured deposit without prejudice to the rights of the claimant against the closed bank and its shareholders or the receivership estate:Provided, further,That when practicable, the Board of Directors may adopt other adequate means of notice to the depositor."