Section 9Sec./Art. 9

The same Act is hereby amended by adding new sections after Section 9 thereof, to read as follows:

"Section 9-A The provisions of other laws, general or special, to the contrary notwithstanding, whenever it shall be appropriate for the Monetary Board of the Central Bank of the Philippines to appoint a receiver of any banking institution pursuant to existing laws, the Monetary Board shall give prior notice to and appoint the corporation as receiver.

"In addition to the powers of a receiver pursuant to existing laws, the Corporation is empowered to bring suits to enforce liabilities to or recoveries of the bank. Further, the Corporation may, upon its own responsibility, in the discretion of its Board of Directors and upon justifiable reasons, appoint and hire persons or entities of recognized competence in banking or finance as its deputies and assistants.

"The Corporation, its directors, officers and employees shall not be subject to any action, claim or demand for or in connection with any act done or omitted to be done by them in good faith in the exercise of their functions or in connection with the exercise of the powers under this Section and Sections 9-b, 9-c and 12 (c) of this Act.

"Section 9-B. Before any distribution of the assets of the closed bank in accordance with the preferences established by law, the Corporation shall periodically charge against said assets such reasonable receivership expenses and subject to approval by the proper court, such reasonable liquidation expenses, it has incurred as part of the cost of receivership/liquidation proceedings and collect payment therefor from available assets.

"Section 9-C. Cases not provided in Sections 9-A above including the filing of cases to modify, set aside or restrain any action of the Corporation therein shall be governed by Section 29 of R. A. 265, as amended."