Due to growing financial difficulties, Onion Bank was unable to finish construction of its 21-storey...
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Due to growing financial difficulties, Onion 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 Onion Bank and, consequently, placed it under receivership. In a bid to save the banks property investment, the President of Onion 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? (Please explain thoroughly and cite related and appropriate articles)
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