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This page features the full text of
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.
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. Sec. 1 of Republic Act
No. 7661 is hereby amended to read as follows:chanroblesvirtualawlibrary
"Sec.
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.
chan
robles virtual law library"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:chanroblesvirtualawlibrary
"Sec.
2. (f) In the best interest of
the government and the small local investors and for the development of
the domestic capital market, no offer of sale to large investors shall
be undertaken until after a minimum of ten percent (10%) of the sale of
assets in corporate form shall have been offered to small local
investors,
including Filipino overseas workers.
chanrobles virtuallaw libraryred"Where
this is not practicable or in the best interest of the public, at least
ten percent (10%) in any event shall be reserved for small local
investors
to be offered to them at the same price within one hundred twenty (120)
days from the approval of the sale. This rule shall likewise apply when
there are no takers, in whole or in part, when the first offer was
made.
The Committee on Privatization shall formulate guidelines that provide
specific preference for such small local investors.
"In
the case of physical or indivisible assets, the Committee on
Privatization,
whenever practicable, shall require the buyer of the assets to offer
for
sale to their employees or to small local investors, overseas contract
workers, or the general public directly or through the stock exchange,
shares of stocks in the corporation equivalent to at least or a minimum
of ten percent (10%) of the value of the assets acquired: Provided,
That the Social Security System and the Government Service Insurance
system
shall grant loans to qualified employees of the firms under
privatization
who would like to avail the ten percent (10%) stock offering as
provided
in this Section."
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.chan
robles virtual law library
chanrobles virtuallaw libraryred
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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