PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES
COMMONWEALTH ACTS
COMMONWEALTH ACT NO. 421 - AN ACT AMENDING COMMONWEALTH ACT NUMBERED ONE HUNDRED AND EIGHT, ENTITLED "AN ACT TO PUNISH ACTS OF EVASION OF THE LAWS ON THE NATIONALIZATION OF CERTAIN RIGHTS, FRANCHISES OR PRIVILEGES" |
Section
1. Commonwealth Act Numbered one hundred and eight is amended by
inserting between sections two and three thereof two new sections to be
known as sections two-A and two-B, which shall read as follows: "Section2-A. Any person,
corporation or association which, having in its name or under its
control, a right, franchise, privilege, property or business, the
exercise or enjoyment of which is expressly reserved by the
Constitution or the laws of the Philippines to citizens of the
Philippines or of the United States, or to corporations or associations
at least sixty per centum of the capital of which is owned by such
citizens, permits or allows the use, exploitation or enjoyment thereof
by a person, corporation or association not possessing the requisites
prescribed by the Constitution or the laws of the Philippines; or
leases, or in any other way transfers or conveys said right, franchise,
privilege, property or business to a person, corporation or association
not otherwise qualified under the Constitution, or the provision of the
existing Acts, and any person who knowingly aids, assists, or abets in
the planning, consummation or perpetration of any of the acts herein
above enumerated, shall be punished by imprisonment for not less than
two nor more than ten years, and by a fine of not less than two
thousand nor more than ten thousand pesos: Provided, however, That
presidents, managers, or persons in charge of corporations,
associations or partnerships violating the provisions of this section
shall be criminally liable in lieu thereof."
"Section2-B. Any violation of the
provisions of this Act by the spouse of any public official, if both
live together, shall be cause for the dismissal of such public
official."
Section2. This Act shall take effect upon its approval. Approved: May 31, 1939. |
08.10.05.