Preamble
WHEREAS, the Central Bank is entrusted with the responsibility of administering the monetary, banking and credit system of the Philippines; WHEREAS, in view of the special character of banks, there is need for the monetary and banking supervisory authorities to act with dispatch where the continuance in business of a bank would involve probable loss to its depositors or creditors; WHEREAS, where a bank has become insolvent or cannot institute to resume business with safety to its depositors and other creditors, its assets must be preserved and its debts and accounts settled as expeditiously as possible; and WHEREAS, the action of the Central Bank in connection with the above should not be hampered by unnecessarily tedious and protracted court litigations; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby decree and order the amendment of Republic Act No. 265, as amended, as follows: