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1.XYZ Investment Corporation is engaged in the purchase of accounts of accounts receivable or specifically, installment papers of purchases of cars and trucks. As a source of its funding, it sells bonds from time to time to the public. The proceeds of the sale of bonds are utilized by XYZ Investment corporation in its financing operations.

(a) Is XYZ Investment Corporation a banking institution within the purview of the General Banking Act?

(b) What is the effect if a corporation engages in illegal banking?

(c) Can a commercial bank invest in Philippine Clearing House Corporation (PCHC), Philippine Central Depository, Inc. and Fixed Income Exchange? Explain your answer.

(d) Can a universal bank invest in Philippine Clearing House Corporation (PCHC), Philippine Central Depository, Inc. and Fixed Income Exchange? Explain your answer.

(e) Can a universal bank set up a subsidiary which will operate a thrift bank? Expalinyour answer.