Which of the following statements relative to a bank

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5. Which of the following statements relative to a bank conservator and bank receiver under the New Central Bank Act is false? a. Both take charge of the assets and liabilities of the subject bank. b. Both have the power to rehabilitate or liquidate the corporate life of the subject bank. c. Both need not be officers/ employees of the Bangko Sentral. d. None of the foregoing. 6. Which of the following statements relative to the replacement of notes and coins under the New Central Bank Act is true? a. Notes and coins may be called in for replacement by the Bangko Sentral when they are more than tem (10) years old and five (5) years old, respectively. b. Notes and coins which are called in for replacement cease to be legal tender upon the date of call. c. Notes and coins become demonetized one (1) year from the date of call. d. Notes and coins that have been called in for replacement and have ceased to be legal tender may still be exchange at par value for a period of one (1) year or for a longer period as may be prescribed by the Monetary Board.
REGULATORY FRAMEWORK ON BUSINESS TRANSACTIONS TEST BANK Page 56 of 61 7. Which of the following cases constitutes payment in legal tender in accordance with the New Central Bank Act? a. Manager’s check duly signed by the bank manager and already debited against the drawer’s account, with the creditor’s name written as the payee thereof. b. P200.00 payment consisting of the following: P1.00 coins totaling P80.00; and P0.25 & P0.1 coins totaling P120. c. Notes offered for payment to a creditor on July 2, 200B, already called in for replacement by the Bangko Sentral ng Pilipinas on July 1, 200A. d. None of the foregoing. 8. The international reserves of the Bangko Sentral may include but shall not be limited to the following assets: a. Foreign notes and coins b. Demand and time deposits in commercial banks abroad. c. Both (a) and (b) d. Neither (a) nor (b) 9. The term “deposit substitutes” under the New Central Bank Act includes: a. Promissory notes b. Banker’s acceptances c. Both (a) and (b) d. Neither (a) nor (b) General Banking Act 1. The Bangko Sentral ng Pilipinas exercises supervisory and regulatory powers over:
REGULATORY FRAMEWORK ON BUSINESS TRANSACTIONS TEST BANK Page 57 of 61 a. Finance companies b. Pawnshops c. Building and loan associations d. Homeowner’s associations 2. Under R.A. No. 8791, otherwise known as the General Banking Act, which of the following statements relative to banks is false? a. Banks must be stock corporations with par value shares. b. Banks obtain its funds from the public, which shall mean twenty (20) or more persons. c. Bank directors and officers can borrow money or act as guarantors in their banks if approved in writing by the majority of all the directors and the BSP is furnished with a copy thereof. d. The board of directors of banks must consist of at least one (1) independent director who is not connected with such bank or its affiliates.

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