Republic of the Philippines
Congress of the Philippines
First 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 provisions of the Constitution and applicable laws, rules and regulations, there is hereby granted to Aboitiz One, Inc., hereunder referred to as the grantee, its successors or assigns, 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 3. Section 9 of Republic Act No. 7583 is hereby amended to read as follows:
"Sec. 9. Public Equity Participation. - In accordance with the constitutional mandate to democratize ownership of public utilities, the herein grantee shall make the public offering through the stock exchange of at least thirty percent (30%) of its common stock within a period of fifteen (15) years from the date of effectivity of this Act: Provided, That no single person or entity shall be allowed to own more than five percent (5%) of the stock offering."
Section 4. 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.
President of the Senate
JOSE DE VENECIA JR.
Speaker of the House of Representatives
This act which originated in the House of Representative was finally passed by the House of Representatives and the Senate on October 25, 2001 and May 28, 2002 respectively.
OSCAR G. YABES
Secretary of Senate
ROBERTO P. NAZARENO
House of Represenatives
Approved: September 4, 2002
President of the Philippines
The Lawphil Project - Arellano Law Foundation