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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 :
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REPUBLIC ACT NO. 7886 - AN ACT
EXTENDING THE TERM OF THE COMMITTEE ON PRIVATIZATION AND THE ASSET
PRIVATIZATION TRUST AMENDING FOR THE PURPOSE REPUBLIC ACT NUMBERED
SEVEN THOUSAND SIX HUNDRED SIXTY-ONE |
Section 1. Section 1 of Republic Act No. 7661 is hereby
amended to read as follows: "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 Corporation and/or the Assets thereof and Creating the Committee on Privatization and the Asset Privatization Trust' is hereby extended from July 1, 1995 to December 31, 1999. Provided, that prior to the beginning of its extended term on July 1, 1995, the President may appoint new members of the That prior to the beginning of its extended term on July 1, 1995, the President may appoint new members of the Asset Privatization Trust. Provided, however, that with the exception of the chief executive trustee two (2) of the incumbent associate executive trustees shall have a term ending on June 30, 1996 and the remaining two (2) shall have a term ending on December 31, 1999. "There shall be no disposition of properties during the last three (3) months of the term which shall be devoted exclusively to the liquidation of the Asset Privatization Trust and the Committee on Privatization and preparation for turnover of its assets, records and properties to the Office of the President who shall create a special committee to handle the same. xxx xxx xxx "All cash advances and all unsettled obligations incurred after the effectivity of this law by the officers and employees of the Committee on Privatization or the Asset Privatization Trust, as finally determined by the proper agency or court of law, must liquidated or before December 31, 1999 "c) The decision of the Asset Privatization Trust and the Committee on Privatization on the sale and disposition of assets shall be final without need of concurrence by the owner and/or the custodial agency or corporation of the asset." Sec. 2. Sec. 2 of the same Act is hereby
amended to read as follows: Sec. 3. Upon the expiration of the term of the Committee on Privatization and the Asset Privatization trust, all their powers, functions, duties and responsibilities, all properties, real or personal, assets, equipment and records, as well as all their obligations and liabilities, shall devolve upon the Office of the President. Sec. 4. All laws, orders, decrees, proclamations, rules and regulations or parts thereof which are inconsistent with any of the provisions of this Act are hereby repealed or modified accordingly. Sec. 5. This Act shall take effect after its
publication in two (2) newspapers of general circulation. Approved: February 20, 1995 |
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