Professional Documents
Culture Documents
ll 10' using No' 9. Statement 1: The BIR, as an exception to the Bank Secrecy Law, may inquire
into the bank deposits of a decedent for purposes of ascertaining the correct amount
of
Estate Tax Due of the latter.
Staternent 2: The BIR may likewise inquire into the bank deposits of a taxpayer for
compromise of his tax liability on the ground of financial incapacity.
a. Both statements are true
b. Both statements are false
c. Only statement 1 is true
d. Only statement 2 is true
Y'-
1L' As a rule, directors, officers, stockholder and related interests of a bank (directly or
indirectly) shall not borrow money, obtain a loan, be an endorser, surety, guarantor of a
loan granted by his bank or othelgl-se tncu. cont.a
.thet?.isibmpliancewithcertaiff.ffi,6-'"q,i.ements'Those !o11s- with his bank unless
requirements are the following,
-sxceBU
a' The transaction must be approved by at least the majority of the entire board excluding
the director concerned;
b' The transaction must be reported to the Bangko sentral ng pilipinas;
c. The transaction must be recorded in the boolis of the banficorporation;
d. Unless the loan is fully secured by collateral, the loan must not exceed the book value
of the paid in contribution of the director or stockholder and the amount of
unencumbered stock deposit;
e. .None of the above.
A t2. Statement 1: Foreigners cannot be elected/appointed as._officers_of a bank.