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New central bank act 2

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GROUNDS
o Institution cannot be
rehabilitated
o Institution is not permitted
to resume business
WHO?
- The bank receivers themselves
HOW?
1) Receiver shall file ex parte with
proper RTC a petition for liquidation
assistance
2) Court action (adjudicate/assist)
3) Assets conversion and payment
of the same to creditors
BANK CONSERVATORSHIP
BANK RECEIVERSHIP BANK LIQUIDATION
OTHER NOTES
>> actions of Monetary Board shall be
final and executory; may not be
restrained except:
o Petition for certiorari (filed by
majority of stockholders within
10 days from receipt of order)
>> CLOSE NOW HEAR LATER ORDER
- Opportunity to be heard may
be subsequent to bank closure
- Can be issued by the
Monetary Board
- Protection of public interest
GROUNDS
o In a state of continuing
inability
o Unwilling to maintain
condition of liquidity to
protect interests
WHO?
- Bank conservator appointed by
the Monetary Board
WHAT?
Exercise powers to
restore viability of bank
Take charge of assets,
liabilities and the
management of bank
Power to overrule or
revoke actions of
previous management
QUALIFICATION
- Competent and knowledgeable in
bank operations & management
PERIOD
- not exceed 1 year
WHEN TERMINATED?
o When it can continue to
operate on its own
o When it would involve
probable loss to its
depositors or creditors
(proceed to next steps)
GROUNDS
o Unable to pay obligations
as they become due
o Insufficient realizable
assets to meet liabilities
o Willful violation of a cease
and desist order
WHO?
o PDIC for banks
o Any person of recognized
competence in banking or
finance (appointed by the
Monetary Board)
WHAT?
Gather and take charge of
all assets and liabilities
Administer the same for
the benefit of creditors
Exercise general powers
Shall not pay or commit to
any act that will involve
transfer or disposition of
any assets except
administrative expenditure
PERIOD
- within 90 days to determine
whether institution be rehabilitated or
permitted to resume subject to
approval of the Monetary Board

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BANK CONSERVATORSHIP GROUNDS o In a state of continuing inability o Unwilling to maintain condition of liquidity to protect interests WHO? - Bank conservator appointed by the Monetary Board WHAT? ✓ Exercise powers to restore viability of bank ✓ Take charge of assets, liabilities and the manageme ...
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