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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. 7582 - AN ACT
RENEWING THE FRANCHISE GRANTED TO THE CONSOLIDATED BROADCASTING SYSTEM,
INC., PREVIOUSLY KNOWN AS THE AUDIENCE, INCORPORATED, TO CONSTRUCT,
MAINTAIN AND OPERATE RADIO BROADCASTING AND TELEVISION STATIONS IN THE
PHILIPPINES, UNDER REPUBLIC ACT NUMBERED THIRTY-NINE HUNDRED AND TWO,
TO ANOTHER TWENTY-FIVE (25) YEARS FROM THE DATE OF APPROVAL OF THIS ACT Section 1. Renewal of Franchise. — The franchise of the Consolidated Broadcasting System, Inc., previously known as the Audience, Incorporated, its successors or assigns, hereinafter referred to as the grantee, to construct, maintain and operate radio broadcasting and television stations in the Philippines, under Republic Act Numbered Thirty-nine hundred and two, is hereby renewed to another twenty-five (25) years from the date of approval of this Act. Sec. 2. Integration of Republic Act No. 3902. — All the other provisions, terms and conditions contained in Republic Act No. 3902 are hereby made integral parts of this Act. Sec. 3. Public Ownership. — In compliance with the Constitutional mandate to democratize ownership of public utilities the herein grantee shall make public offering through the stock exchanges of at least thirty percent (30%) of its common stocks within a period of three (3) 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 offerings. Sec. 4. Tax Provisions. — The grantee, its
successors or assigns shall be liable to pay the same taxes on their
real estate, buildings and personal property, exclusive of this
franchise, as other persons or corporations which are now or hereafter
may be required by law to pay. In addition thereto, the grantee, its
successors or assigns shall pay a franchise tax equivalent to three
percent (3%) of all gross receipts of the radio/television business
transacted under this franchise by the grantee, its successors or
assigns and the said percentage shall be in lieu of all taxes on this
franchise or earnings thereof: provided, that the grantee, its
successors or assigns shall continue to be liable for income taxes
payable under Title II of the National Internal Revenue Code pursuant
to Sec. 2 of Executive Order No. 72 unless the latter enactment is
amended or repealed, in which case the amendment or repeal shall be
applicable thereto. Sec. 5. Sale, Lease, Transfer, Usufruct, etc. — The grantee shall not lease, transfer, grant the usufruct of, sell or assign this franchise or the rights and privileges acquired thereunder to any person, firm, company, corporation or entity, nor merge with any other corporation or entity without the prior approval of the Congress of the Philippines. Neither shall the controlling interest in the grantee be transferred, whether as a whole or in parts and whether simultaneously or contemporaneously, to any such person, firm, company, corporation or entity without the prior approval of the Congress of the Philippines. Any person or entity to which this franchise is validly sold, transferred or assigned shall be subject to all the same conditions, terms, restrictions and limitations of this Act. Sec. 6. Repealing Clause. — The franchise hereby granted shall be subject to amendment, alteration or repeal by the Congress of the Philippines when the common good so desires. Sec. 7. Reportorial Requirement. — The grantee shall submit an annual report to the Congress of the Philippines on its compliance with the terms and conditions of the franchise and on its operations within sixty (60) days from the end of every year. Sec. 8. General Broadcast Policy. — The grantee shall comply with and be subject to the provisions of a general broadcast policy law that may hereafter be enacted. Sec. 9. Separability Clause. — If any of the
sections or provisions of this Act is held in valid, all the other
provisions not affected thereby shall remain valid. Approved: May 27, 1992 |
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