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PRESIDENTIAL DECREE NO. 1756
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PRESIDENTIAL DECREE NO. 1756 -
FACILITATING THE MERGER OR CONSOLIDATION OF PUBLIC UTILITIES IN
TELECOMMUNICATIONS
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chanroblesvirtualawlibrary
WHEREAS,
the Government is currently engaged in instituting vital reforms in the
telecommunications industry to enable the system to play a more
effective role in the socio-economic development of the country; chanroblesvirtualawlibrary
WHEREAS, it is necessary that incentives be provided to encourage the
merger or consolidation of public utilities, especially in the field of
telecommunications, as a means of further promoting the financial
stability and capacity of the public utility operators; chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
order and decree:cralaw:red
Section 1. For the purpose of facilitating mergers or
consolidations of public utilities engaged in the operation of
telecommunications facilities, any such public utility corporation may
merge or consolidate with another such public utility corporation, and
the capital stocks of such corporations may be increased to the extent
necessary to effect such merger or consolidation by the affirmative
vote of the stockholders representing at least a majority of the
subscribed capital stock in a stockholders' meeting called for that
purpose, notwithstanding provisions of existing laws to the contrary.
Section 2. The proceeds from the sale of stocks
and/or the consolidation of assets, resulting from any corporate merger
of consolidation, upon the approval of the President, shall be free
from all taxes on capital gains and income tax, notwithstanding
provisions of existing laws to the contrary.
Section 3. This Decree shall take effect immediately
and shall remain in force for a period of five (5) years from date
hereof.
Done in the City of Manila,
this 1st day of January, in the year of Our Lord, nineteen hundred and
eighty-one.
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