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Due to growing financial difficulties, F Bank was unable to finish construction of its 21-...

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Accounting

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Due to growing financial difficulties, F Bank was unable to finish construction of its 21- storey building on a prime lot located in Makati City. Thus, the Bangko Sentral ordered the closure of FBank and, consequently, placed it under receivership. In a bid to save the bank's property investment, the President of F Bank entered into a financing agreement with a group of investors for the completion of the construction of the 21- storey building in exchange for a ten-year lease and the exclusive option to purchase the building. Is the act of the President valid? Why or why not

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