Amending Commonwealth Act No. 108, As Amended, Otherwise Known As "The Anti-Dummy Law"
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Amending Commonwealth Act No. 108, As Amended, Otherwise Known As "The Anti-Dummy Law"
Presidential Decree No. 715
May 28, 1975
Case Overview and Summary
Summary of Presidential Decree No. 715Amending the Anti-Dummy Law (Commonwealth Act No. 108)
- Clarifies the interpretation of Section 2-A of the Anti-Dummy Law regarding the representation of aliens in the board of directors or governing body of corporations or associations engaging in partially nationalized activities.
- Allows the election of aliens as members of the board of directors or governing body of corporations or associations engaging in partially nationalized activities, in proportion to their allowable participation or share in the capital of such entities. (Section 1)
- Retains the penalties for violations of the Anti-Dummy Law, which include:
- Imprisonment for not less than five nor more than fifteen years (Section 2-A)
- Fine of not less than the value of the right, franchise or privilege enjoyed or acquired in violation, but in no case less than five thousand pesos (Section 2-A)
- Forfeiture of the right, franchise, privilege and property (Section 2-A)
- Provides that the president, managers or persons in charge of the corporation or association shall be criminally liable for violations. (Section 2-A)
- Allows the employment of foreign technical personnel with specific authorization from the Secretary of Justice. (Section 2-A)
Amends
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Tags
Executive Issuances
Presidential Decrees
Anti-Dummy Law
Commonwealth Act No. 108
Partially nationalized activities
Aliens
Board of directors
Governing body
Corporations
Associations
Equity participation
Penalties
Imprisonment
Fines
Forfeiture
Foreign technical personnel
Secretary of Justice
Law
Amending Commonwealth Act No. 108, As Amended, Otherwise Known As "The Anti-Dummy Law"
Presidential Decree No. 715
•May 28, 1975
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 715 May 28, 1975
AMENDING COMMONWEALTH ACT NO. 108, AS AMENDED, OTHERWISE KNOWN AS "THE ANTI-DUMMY LAW"
WHEREAS, there have been conflicting interpretations as to whether Section 2-A of Commonwealth Act No. 108, as amended, otherwise known as the Anti-Dummy Law, allows aliens to become members of the board of directors or governing body of corporations or associations engaging in partially nationalized activities;
WHEREAS, it is fair and equitable and in line with the constitutional policy expressed in Article XIV, Section 5 of the Constitution, that foreign investors be allowed limited representation in the governing board or body of corporations or associations in proportion to their allowable participation in the equity of the said entities;
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:
Section 1. Section 2-A of Commonwealth Act No. 108, as amended, is hereby further amended to read as follows:
"Section 2-A. Any person, corporation, or...
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Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Presidential Decrees
Anti-Dummy Law
Commonwealth Act No. 108
Partially nationalized activities
Aliens
Board of directors
Governing body
Corporations
Associations
Equity participation
Penalties
Imprisonment
Fines
Forfeiture
Foreign technical personnel
Secretary of Justice
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 715 May 28, 1975
AMENDING COMMONWEALTH ACT NO. 108, AS AMENDED, OTHERWISE KNOWN AS "THE ANTI-DUMMY LAW"
WHEREAS, there have been conflicting interpretations as to whether Section 2-A of Commonwealth Act No. 108, as amended, otherwise known as the Anti-Dummy Law, allows aliens to become members of the board of directors or governing body of corporations or associations engaging in partially nationalized activities;
WHEREAS, it is fair and equitable and in line with the constitutional policy expressed in Article XIV, Section 5 of the Constitution, that foreign investors be allowed limited representation in the governing board or body of corporations or associations in proportion to their allowable participation in the equity of the said entities;
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:
Section 1. Section 2-A of Commonwealth Act No. 108, as amended, is hereby further amended to read as follows:
"Section 2-A. Any person, corporation, or...
Login to see full content