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MEMORANDUM CIRCULARS
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Sponsored
by: The
ChanRobles Group
A
collection of Philippine laws, statutes and codes
not
included or cited in the main
indices
of
the Chan Robles Virtual Law Library.
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MEMORANDUM CIRCULAR NO. 42 -
REQUIRING ALL CHAIRMEN, DIRECTORS AND HEADS OF COMPANIES AND
CORPORATIONS FORECLOSED OR TAKEN OVER BY THE GOVERNMENT TO TENDER THEIR
RESIGNATION
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| In line with the policy to expedite the
privatization of non-performing assets and those that are not essential
or necessary for the government to retain, all Chairmen, Directors and
Heads of companies and corporations foreclosed or taken over by the
government are hereby directed to submit immediately to the Office of
the President their undated letters of resignation. For the guidance of all concerned, the Committee on Privatization shall come out with a list of companies and corporations covered by this Circular. This Memorandum Circular takes effect immediately. Manila, November 16, 1987. |
Since 19.07.98.
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