1. Which of the following statements is incorrect?

a. When a bank is closed by the Monetary Board, the receiver is authorized to adopt and implement, without need of consent of the stockholders, board of directors, creditors or depositors of the closed bank.

b. Receiver of a closed bank is empowered to represent and act for and on behalf of the closed bank;

c. Receiver of a closed bank can gather and take charge of all the assets, records and affairs of the closed bank, and administer the same for the benefit of its creditors;

d. All of the foregoing are correct.

2.) X's painting of Madonna and Child was used by her mother to print some personalized gift wrapper. As part of her mother's effort to raise funds for Bantay Bata, the mother of X sold the wrapper to friends. Y, an entrepreneur, liked the painting in the wrapper and make many copies and sold the same through National Bookstore. Which statement is most accurate?

a. Y can use the painting for his use because this is not a copyrightable material.

b. Works of art need not be copyrighted also to get protection from the law.

c. Y can use the drawing even though not copyrighted because it is already a public property having been published already

d. X can sue Y for infringement because artistic works are protected from moment of creation.