Section 44. Section 26 paragraph 6. of the same Act, as renumbered, is hereby amended to read as follows:

“(f) The penalty of imprisonment of not less than six (6) years but not more than twelve (12) years or a fine of not less than Fifty thousand pesos (?50,000.00) but not more than Ten million pesos (?10,000,000.00), or both, at the discretion of the court, shall be imposed upon:

“(1) Any director, officer, employee or agent of a bank for:

“ 1. Any willful refusal to submit reports as required by law, rules and regulations;

“ 2. Any unjustified refusal to permit examination and audit of the deposit records or the affairs of the institution;

“ 3. Any willful making of a false statement or entry in any bank report or document required by the Corporation;

“ 4. Submission of false material information in connection with or in relation to any financial assistance of the Corporation extended to the bank;

“ 5. Splitting of deposits or creation of fictitious or fraudulent loans or deposit accounts.

“Splitting of deposits occurs whenever a deposit account with an outstanding balance of more than the statutory maximum amount of insured deposit maintained under the name of natural or juridical persons is broken down and transferred into two (2) or more accounts in the name/s of natural or juridical persons or entities who have no beneficial ownership on transferred deposits in their names within one hundred twenty (120) days immediately preceding or during a bank-declared bank holiday, or immediately preceding a closure order issued by the Monetary Board of the Bangko Sentral ng Pilipinas for the purpose of availing of the maximum deposit insurance coverage;

“(f) Refusal to receive the notice of closure as provided under Section 14 of this Act;

“ 7. Refusal to allow the Corporation to take over a closed bank or obstructing such action of the Corporation;

“ 8. Refusal to turn over or destroying or tampering bank records;

“ 9. Fraudulent disposal, transfer or concealment of any asset, property or liability of the closed bank;

“ 10. Violation of, or causing any person to violate, the exemption from garnishment, levy, attachment or execution provided under this Act and the New Central Bank Act;

“ 11. Any willful failure or refusal to comply with, or violation of any provision of this Act, or commission of any other irregularities, and/or conducting business in an unsafe or unsound manner as may be determined by the Board of Directors in relation to Section 56 of Republic Act No. 8791, or ‘The General Banking Law of 2000’.

“Notwithstanding any law to the contrary, the foregoing acts of directors, officers, employees or agents of the bank shall be considered as additional grounds for disqualification under the fit and proper rules of the Bangko Sentral ng Pilipinas.

“ 12. Other acts inimical to the interest of the bank or the Corporation, such as, but not limited to, conflict of interest, disloyalty, authorizing related party transactions with terms detrimental to the bank and its stakeholders, and unauthorized disclosure of confidential information, as may be determined by the Corporation.

“(2) Any person for:

“(a) Refusal to disclose information, records or data pertaining to the bank accounts of a closed bank to the receiver;

“(b) Refusal to turn over possession or custody of the asset and record of the closed bank to the receiver, notwithstanding any agreement to the contrary;

“(c) Refusal or delaying the:

“(i) Verification of authenticity of the ownership documents;

“(ii) Registration of interest of the closed bank on a specific property;

“(iii) Consolidation of ownership over an asset of the closed bank;

“(iv) Act of securing certified true copies of documents in relation to an asset of the closed bank;

“ 22. Act of securing the appropriate certification from the agencies or entities stated in Section 16 of this Act in relation to an asset of the closed bank;

“(vi) Conduct of a physical or ocular inspection of the properties owned by, or mortgaged to, the closed bank, to determine their existence and present condition; or

“(vii) Other related activities of the receiver; or

“(d) Allowing the withdrawal from deposits or disposition of any asset of the closed bank other than by the receiver;

“(e) Willfully violating any provision of this Act;

“(f) Conspiring or willfully participating in any of the offenses enumerated in Paragraph 1 of this section;

“(3) Any law enforcement officer or local government official who refuses or fails to assist the receiver in the service of the notice of closure, as provided under Section 14 of this Act.”