Central Bank of the Philippines v. Court of Appeals, G.R. No. 88353, 92943, 08 May 1992, (208 SCRA 652)

 

The following requisites, therefore, must be present before the order of conservatorship may be set aside by a court:

1. The appropriate pleading must be filed by the stockholders of record representing the majority of the capital stock of the bank in the proper court;

2. Said pleading must be filed within ten (10) days from receipt of notice by said majority stockholders of the order placing the bank under conservatorship; and

3. There must be convincing proof, after hearing, that the action is plainly arbitrary and made in bad faith