REPUBLIC ACT NO. 7674 - AN
ACT AMENDING Sec. 9 OF REPUBLIC ACT NO. 7617 OTHERWISE KNOWN AS "AN
ACT GRANTING TO THE TELECOMMUNICATIONS TECHNOLOGIES PHILIPPINES,
INCORPORATED, A FRANCHISE TO INSTALL, OPERATE AND MAINTAIN
TELECOMMUNICATIONS SYSTEMS THROUGHOUT THE PHILIPPINES AND FOR OTHER
PURPOSES"
Section 1. Sec. 9 of Republic Act No. 7617 is hereby
amended to read as follows:
"Sec. 9. 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: provided, that the foregoing limitations shall not apply
to: (1) any transfer or issuance of shares of stock in the
implementation of requirement for the dispersal of the grantee's
ownership pursuant to Section 12 of this Act, (2) any transfer or sale
of shares of stock to a foreign investor or investors, (3) any issuance
of shares to any foreign or local investor pursuant to or in connection
with any increase in the grantee's authorized capital stock which shall
result in the dilution of the stockholdings of the grantee's then
existing stockholders, (4) any combination thereof where such transfer,
sale, or issuance is effected in order to enable the grantee to raise
the necessary capital or financing for the provision of any of the
services authorized by this Act and/or to carry out any of the purposes
for which the grantee has been incorporated or organized: provided,
further, that any such transfer, sale, or issuance is in accordance
with any applicable constitutional limitations. 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. 2. Repealing Clause. — All laws, executive
orders, regulations, or parts thereof, inconsistent with the provisions
of this Act, are hereby repealed or modified accordingly.
Sec. 3. Effectivity Clause. — This Act shall take
effect fifteen (15) days after its publication in at least two (2)
newspapers of general circulation in the Philippines.
Approved: January 17, 1994
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