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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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REPUBLIC ACT NO. 7181 - AN ACT
EXTENDING THE LIFE OF THE COMMITTEE ON PRIVATIZATION AND THE ASSET
PRIVATIZATION TRUST Section 1. The term of the Committee on Privatization and the
Asset Privatization Trust created by Proclamation No. 50 "Proclaiming
and Launching a Program for the Expeditious Disposition and
Privatization of Certain Government Corporations and/or the Assets
thereof, and Creating the Committee on Privatization and the Asset
Privatization Trust" is hereby extended from December 8, 1991 to August
31, 1992 and thereafter may be again extended by the President of the
Philippines for not more than sixteen (16) months. Sec. 2. The following conditions shall be adhered
to in privatization. Sec. 3. In line with paragraph 1 of Article IX (d) of the Constitution, the Commission on Audit shall impose or adopt temporary pre-audit and such measures that are necessary and appropriate to correct such deficiencies in the control system of the Asset Privatization Trust as may be found by the Commission on Audit. Sec. 4. Lawsuits pending at the termination of the existence of the Asset Privatization Trust shall be pursued by the Office of the Government Corporate Counsel until their proper termination in the name of or on behalf of the Government. Sec. 5. Any officer or employee who fails to comply with the provisions of this Act, after having been found guilty by the proper agency or court of law shall be barred from holding any position in the Government including government-owned or controlled corporations, without prejudice to other sanctions as may be provided by existing laws. Sec. 6. The provisions of Sec. 3 and 10 of Proclamation No. 50, in particular, all other provisions of the Proclamation as well as other laws, orders, promulgations, rules and regulations or parts thereof, which are inconsistent herewith are hereby amended, repealed or modified accordingly. Sec. 7. Implementing guidelines and regulations shall be issued by the Committee on Privatization to fully implement this Act within forty-five (45) days from date of approval of this Act. Sec. 8. This Act shall take effect immediately
upon its publication in at least one (1) national newspaper of general
circulation. The effectivity of this Act shall retroact and relate back
to December 8, 1991. Approved: January 17,
1992 |
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