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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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AN ACT AMENDING REPUBLIC ACT NO.
7477, ENTITLED "AN ACT GRANTING THE
PEOPLE'S BROADCASTING SERVICE, INC. A FRANCHISE TO CONSTRUCT, INSTALL,
OPERATE AND MAINTAIN FOR COMMERCIAL PURPOSES RADIO BROADCASTING AND
TELEVISION STATIONS IN THE PHILIPPINES, AND FOR OTHER PURPOSES." |
Section 1. Sec. 9 of Republic Act No. 7477 is hereby amended to read as follows: "Sec.
9. Democratization of Ownership. — In compliance with
the constitutional mandate to democratize ownership of public
utilities, the herein grantee shall make public offering through the
stock exchange of at least thirty percent (30%) of its outstanding
capital stock or a higher percentage that may hereafter be provided by
law, in any securities exchange in the Philippines within five (5)
years from the time it has achieved the status of a national
broadcasting network. A "national broadcasting network" is hereby
defined as one that operates three (3) or more radio and/or television
stations: provided, that the offer to the public through any securities
exchange in the Philippines of at least thirty percent (30%) of the
number of shares of a holding company that owns at least a majority of
the capital stock of the grantee sufficient to constitute an offer of
at least thirty percent (30%) interest in the outstanding capital stock
of the grantee shall be deemed compliance with the requirement herein
provided. Non-compliance therewith shall be a cause for revocation of
the franchise: provided, that no single person or entity shall be
allowed to own more than five percent (5%) of the stock
offerings." Sec. 2. A new Sec. 10 is hereby inserted after the present Sec. 9 of Republic Act No. 7477, to read as follows: "Sec.
10. Self-regulation by and Undertaking of the
Grantee. — The grantee shall not require any previous censorship of any
speech, play, act or scene, or other matter to be broadcast from its
stations: provided, that the grantee, during any broadcast, shall cut
off from the air the speech, play, act or scene, or the matter being
broadcast if the tendency thereof is to propose and/or incite treason,
rebellion or sedition; or the language used therein or the theme
thereof is indecent or immoral; and willful failure to do so shall
constitute a valid cause for the cancellation of this franchise." Sec. 3. Sec. 10 of Republic Act No. 7477 is hereby renumbered as Sec. 11. Sec. 4. Sec. 11 of Republic Act No. 7477 is hereby
renumbered as Sec. 12 and is amended to read as follows: "Sec.
12. Sale, Lease, Transfer, Usufruct, Etc. — The
grantee shall not lease, transfer, grant the usufruct of, sell nor
assign this franchise or the rights and privileges acquired thereunder
to any person, firm, company, corporation, or other commercial or legal
entity, nor shall the controlling interest in the grantee be
transferred to any such private person, firm, company, corporation or
entity without the prior approval of the Congress of the Philippines:
provided, that the foregoing limitation shall not apply to: (1) any
transfer or issuance of shares to any 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; (2) any transfer or sale of
shares of stock to an investor or investors; (3) any sale, transfer or
assignment of shares by the stockholders of the grantee in favor of a
holding company whose stockholders are identical to the stockholders of
the grantee; (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 services
authorized by this Act and/or 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 limitation. Any person or entity to which
this franchise is sold, transferred or assigned shall be subject to all
the same conditions, terms, restrictions and limitations of this
Act." Sec. 5. A new Sec. 13 is hereby inserted after the new Sec. 12 of Republic Act No. 7477, to read as follows: "Sec.
13. General Broadcast Policy Law. — The grantee shall
comply with and be subject to the provisions of a general broadcast
policy law which Congress may hereafter enact." Sec. 6. Sec. 12 of Republic Act No. 7417 is hereby renumbered as Sec. 14. Sec. 7. Sec. 13 of Republic Act No. 7477 is hereby renumbered as Sec. 15. Sec. 8. Sec. 14 of Republic Act No. 7477 is hereby renumbered as Sec. 16. Sec. 9. Sec. 15 of Republic Act No. 7477 is hereby renumbered as Sec. 17. Sec. 10. Effectivity. — This Act shall take effect
fifteen (15) days from the date of its publication, upon the initiative
of the grantee, in at least two (2) newspapers of general circulation
in the Philippines. Approved: July 23, 2003. |