AN ACT AMENDING REPUBLIC ACT NO. 7583
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AN ACT AMENDING REPUBLIC ACT NO. 7583
Republic Act No. 9170
September 4, 2002
Case Overview and Summary
Summary of Republic Act No. 9170Amendments to Republic Act No. 7583
- Title of the Act is amended to "An Act Granting The Aboitiz One, Inc. A Franchise To Establish, Operate And Maintain Transport Services For The Carriage of Goods, Mails And Other Property By Air, Both Domestic And International" (Section 1)
- The grantee is changed from "Aboitiz Air Transport Corporation" to "Aboitiz One, Inc." (Section 2)
- Public Equity Participation Requirement:
- The grantee shall make a public offering through the stock exchange of at least thirty percent (30%) of its common stock within fifteen (15) years from the date of effectivity of this Act (Section 3)
- No single person or entity shall be allowed to own more than five percent (5%) of the stock offering (Section 3)
- Effectivity:
- The 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 (Section 4)
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AN ACT AMENDING REPUBLIC ACT NO. 7583
Republic Act No. 9170
•September 4, 2002
Republic of the Philippines
Congress of the Philippines
Metro Manila
Twelfth CongressFirst Regular Session
Begun and held in Metro Manila, on Monday, the twenty-third day of July, two thousand one.
Republic Act No. 9170             September 4, 2002
AN ACT AMENDING REPUBLIC ACT NO. 7583, ENTITLED "AN ACT GRANTING THE ABOITIZ AIR TRANSPORT CORPORATION A FRANCHISE TO ESTABLISH, OPERATE AND MAINTAIN TRANSPORT SERVICES FOR THE CARRIAGE OF GOODS, MAILS AND OTHER PROPERTY BY AIR, BOTH DOMESTIC AND INTERNATIONAL"
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
Section 1. The title of Republic Act No. 7583 is hereby amended to read as follows:
"An Act Granting The Aboitiz One, Inc. A Franchise To Establish, Operate And Maintain Transport Services For The Carriage of Goods, Mails And Other Property By Air, Both Domestic And International"
Section 2. Section 1, Paragraph 1 of Republic Act No. 7583 is hereby amended to read as follows:
"SECTION 1. Nature and Scope of Franchise. - Subject to the...
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