ChanRobles Virtual law Library
PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Republic Acts :
REPUBLIC ACTS
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AN ACT AMENDING REPUBLIC ACT NO.
8339, ENTITLED "AN ACT GRANTING AIR
PHILIPPINES CORPORATION (AIR PHILIPPINES) A FRANCHISE TO ESTABLISH,
OPERATE AND MAINTAIN DOMESTIC AND INTERNATIONAL AIR TRANSPORT SERVICES." |
Section 1. Section 11 of Republic Act No. 8339 is hereby amended to read as follows: "Sec.
11. Tax Provisions. — The grantee, its successors or
assigns, shall pay to the Philippine Government during the life of its
franchise a franchise tax of five percent (5%) of the gross revenues
derived by the grantee from its transport operations. Sec. 2. Sec. 14 of Republic Act No. 8339 is hereby amended to read as follows: "Sec.
14. Dispersal of Ownership. — In accordance with
constitutional provisions to encourage public participation in public
utilities, the grantee shall offer at least thirty percentum (30%) of
its outstanding capital stock or a higher percentage that may hereafter
be provided by law in any securities exchange in the Philippines within
ten (10) years from the commencement of its operations. Non-compliance
therewith shall render the franchise ipso facto revoked." Sec. 3. Sec. 15 of Republic Act No. 8339 is hereby amended to read as follows: "Sec.
15. Non-exclusivity Clause. — This franchise shall
not be interpreted to mean as an exclusive grant of the privileges
herein provided for." Sec. 4. Sec. 17 of Republic Act No. 8339 is hereby amended to read as follows: "Sec.
17. Repealability Clause. — This franchise shall be
subject to amendment, alteration or repeal by the Congress of the
Philippines when the public interest so requires." Sec. 5. Separability Clause. — If any of the Sec.s or provisions of this Act is held or declared unconstitutional or invalid by a competent court in a final judgment, all the other Sec.s or provisions not affected thereby shall remain valid. Sec. 6. 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. (Note: Lapsed into law on July 26,
2003 without the signature of the President, |