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PRESIDENTIAL DECREE NO. 715
PRESIDENTIAL DECREE NO. 715 -
AMENDING COMMONWEALTH ACT NO. 108, AS AMENDED, OTHERWISE KNOWN AS "THE
ANTI-DUMMY LAW"
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WHEREAS,
there have been conflicting interpretations as to whether Section 2-A
of Commonwealth Act No. 108, as amended, otherwise known as the
Anti-Dummy Law, allows aliens to become members of the board of
directors or governing body of corporations or associations engaging in
partially nationalized activities;chanroblesvirtualawlibrary
WHEREAS, it is fair and equitable and in line with the constitutional
policy expressed in Article XIV, Section 5 of the Constitution, that
foreign investors be allowed limited representation in the governing
board or body of corporations or associations in proportion to their
allowable participation in the equity of the said entities;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
order and decree:cralaw:red
Section 1. Section 2-A of Commonwealth Act No. 108,
as amended, is hereby further amended to read as follows: chanroblesvirtualawlibrary
"Section 2-A. Any person, corporation, or
association, which, having in its name or under its control, a right,
franchise, privilege, property or business, the exercise or enjoyment
of which is expressly reserved by the Constitution or the laws to
citizens of the Philippines or of any other specific country, or to
corporations or associations at least sixty per centum of the capital
of which is owned by such citizens, permits or allows the use,
exploitation or enjoyment thereof by a person, corporation or
association not possessing the requisites prescribed by the
Constitution or the laws of the Philippines; or leases, or in any other
way, transfers or conveys said right, franchise, privilege, property or
business to a person, corporation or association not otherwise
qualified under the Constitution, or the provisions of the existing
laws; or in any manner permits or allows any person, not possessing the
qualifications required by the Constitution, or existing laws to
acquire, use, exploit or enjoy a right, franchise, privilege, property
or business, the exercise and enjoyment of which are expressly reserved
by the Constitution or existing laws to citizens of the Philippines or
of any other specific country, to intervene in the management,
operation, administration or control thereof, whether as an officer,
employee or laborer therein with or without remuneration except
technical personnel whose employment may be specifically authorized by
the Secretary of Justice, and any person who knowinglyds, assists, or
abets in the planning, consummation or perpetration of any of the acts
herein above enumerated shall be punished by imprisonment for not less
than five nor more than fifteen years and by a fine of not less than
the value of the right, franchise or privilege enjoyed or acquired in
violation of the provisions hereof but in no case less than five
thousand pesos: Provided, however, that the president, managers or
persons in violating the provisions of this section shall be criminally
liable in lieu thereof: Provided, further, That any person, corporation
or association shall, in addition to the penalty imposed herein,
forfeit such right, franchise, privilege and the property provisions of
this Act; and Provided, finally, That the election of aliens as members
of the board of directors or governing body of corporations or
associations engaging in partially nationalized activities shall be
allowed in proportion to their allowable participation or share in the
capital of such entities. chanroblesvirtualawlibrary
Section 2. This Decree shall take effect immediately.
DONE in the City of Manila,
this 28th day of May, in the year of Our Lord, nineteen hundred and
seventy-five.
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