Republic of the Philippines
CONGRESS OF THE PHILIPPINES
Third Regular Session
Republic Act No. 9743 November 06, 2009
AN ACT AMENDING REPUBLIC ACT NO. 9119, ENTITLED "AN ACT GRANTING THE BENGUET BROADCASTING CORPORATION A FRANCHISE TO CONSTRUCT, INSTALL, ESTABLISH, OPERATE AND MAINTAIN RADIO AND TELEVISION BROADCASTING STATIONS IN THE PHILIPPINES"
Be it enacted by the Senate and House of Representative of the Philippines in Congress assembled:
Section 1. Section 13 of Republic Act No. 9119 is hereby amended to read as follows:
"SECTION 13. 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 merge with any other corporation or entity, nor shall the controlling interest of the grantee be transferred, whether as a whole or in parts and whether simultaneously or contemporaneously, to any such 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: (a) 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; (b) any transfer or sale of shares of stock to an investor or investors; (c) 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; (d) 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 the same conditions, terms, restrictions and limitations of this Act."
Section 2. Section 16 of Republic Act No. 9119 is hereby amended to read as follows:
"SECTION 16. Equality Clause. - Any advantage, favor, privilege, exemption, or immunity granted under existing franchise, or which may hereafter be granted for radio and/or television broadcasting, shall ipso facto become part of this franchise and shall be accorded immediately and unconditionally to the herein grantee: Provided, however, That the foregoing shall neither apply to nor affect provisions of broadcasting franchises concerning territory covered by the franchise, the life span of the franchise or the type of service authorized by the franchise."1awphil
Section 3. 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.
|JUAN PONCE ENRILE
President of the Senate
|PROSPERO C. NOGRALES
Speaker of the House of Representatives
This Act which originated in the House of Representatives was finally passed by the House of Representatives and the Senate on January 26, 2009 and July 28, 2009, respectively.
Secretary of the Senate
|MARILYN B. BARUA-YAP
Secretary General House of Representatives
Approved: November 6, 2009
GLORIA MACAPAGAL - ARROYO
President of the Philippines
The Lawphil Project - Arellano Law Foundation