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RA 337 Section 28

Section 28

SEC. 28. The Monetary Board, by the affirmative vote of at least five if its members, may compel the head office of any commercial bank organized under the laws of the Philippines to liquidate the business of any branch or agency if the business of such branch or agency is being conducted unlawfully or in a manner likely to prejudice the interests of the creditors of the branch or agency or of the head office.

Read the full instrument → · Open the chapter this section belongs to: Chapter IV.—Commercial Banking Corporations →

Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗

Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).

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