Proceedings upon violation of laws and regulations.
Section 34
SEC. 34. Proceedings upon violation of laws and regulations.— Whenever any person or entity willfully violates this Act or any order, instruction, rule or regulation legally issued by the Monetary Board, the person or persons responsible for such violation shall be punished by a fine of not more than twenty thousand pesos and by imprisonment of not more than five years. Whenever a banking institution persists in violating its charter or by-laws or any law, or orders, instructions, rules or regulations legally issued by the Monetary Board, or whenever a banking institution persists in carrying on its business in an unlawful or unsafe manner, the Board shall, by the Solicitor General, and without prejudice to the penalties provided in the preceding paragraph of this section, file a petition in the Court of First Instance praying the assistance of the court to compel the banking institution to discontinue the violations or practices objected to in the petition of the Board. The Monetary Board may, with the approval of the court, take such action as the court may deem necessary compel the banking institution complained against to discontinue the violations or practices set forth in the Boards petition, and, if necessary, the Board may, under order of the court, direct the Superintendent of Banks to liquidate the business of the institution. C. OTHER DEPARTMENTS OF THE CENTRAL BANK