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AN ACT AMENDING REPUBLIC ACT NO.
7583, ENTITLED "AN ACT GRANTING THE
ABOITIZ AIR TRANSPORT CORPORATION A FRANCHISE TO ESTABLISH, OPERATE AND
MAINTAIN TRANSPORT SERVICES FOR THE CARRIAGE OF GOODS, MAILS AND OTHER
PROPERTY BY AIR, BOTH DOMESTIC AND INTERNATIONAL"
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"An
Act Granting The Aboitiz One, Inc. A Franchise To Establish, Operate
And Maintain Transport Services For The Carriage Of Goods, Mails And
Other Property By Air, Both Domestic And
International"
Sec. 2. Sec. 1, Paragraph 1 of Republic Act No. 7583 is hereby amended to read as follows: "Sec.
1. Nature and Scope of Franchise. — Subject to the
provisions of the Constitution and applicable laws, rules and
regulations, there is hereby granted to Aboitiz One, Inc., hereunder
referred to as the grantee, its successors or assigns, a franchise to
establish, operate and maintain transport services for the carriage of
goods, mails and other property by air, both domestic and
international."
Sec. 3. Sec. 9 of Republic Act No. 7583 is hereby amended to read as follows: "SEC.
9. Public Equity Participation. — In accordance with
the constitutional mandate to democratize ownership of public
utilities, the herein grantee shall make the public offering through
the stock exchange of at least thirty percent (30%) of its common stock
within a period of fifteen (15) years from the date of effectivity of
this Act: Provided, That no single person or entity shall be allowed to
own more than five percent (5%) of the stock
offering."
Sec. 4. Effectivity. — This Act shall take effect fifteen (15) days from the date of its publication, upon the initiative of the grantee, in at least two (2) newspapers of general circulation in the Philippines. Approved: September 4, 2002
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Since 19.07.98.
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