THE NEW CENTRAL BANK ACT Section 33

Disposition of Banking Franchise.

Section 33

SEC. 33. Disposition of Banking Franchise. — The Bangko Sentral may, if public interest so requires, award to an institution, upon such terms and conditions as the Monetary Board may approve, the banking franchise of a bank under liquidation to operate in the area where said bank or its branches were previously operating: Provided, That whatever proceeds may be realized from such award shall be subject to the appropriate exclusive disposition of the Monetary Board.

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Source: Official Gazette of the Republic of the Philippines — Philippine laws are public documents (works of the government).

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