Proclamation No. 50-A

 

 

MODIFYING PROCLAMATION NO. 50

 

The following sections in Proclamation No. 50 are hereby modified to read as follows:

 

Section 18 shall hereafter read as follows:

 

“Sec. 18.  Meetings, Quorum.  – The Trustees shall meet as frequently as is necessary to discharge; its responsibilities, but shall meet at leas every two weeks.  The presence of a majority of the Trustees shall constitute a quorum; and the concurrence of a majority of the Trustees present at a meeting at which a quorum exists shall be adequate for any decision by the Trust:  Provided, That where the matter involves a proposal for disposition or rehabilitation of any assets. the concurrence of at least four (4) Trustees shall be necessary.”

 

Section 25 (3) thereof shall hereafter read as follows:

 

“SEC. 25.  (3) The Chairman and member of the board of directors or trustees and the president or chief executive officers of the trusteed corporations shall be appointed: (a) in the case of the parent corporations, by the Committee; and (b) in the case of subsidiary or affiliate corporations, by the Trust.  In both instances, any such appointments shall be subject to the confirmation of, or change, by the President.  However, pending such confirmation or change, the appointees of the COP or the Trust may assume office and discharge the responsibilities thereof until such time as the President disapproves or recalls the appointment and appoints a replacement.”

 

Section 31 is restored but shall read as follows:

 

“Sec. 31.  No Injunctions.  – No court or administrative agency shall issue any restraining order or injunction against the Trust in connection with the acquisition, sale or disposition of assets transferred to it pursuant to this Proclamation.  Nor shall such order or injunction be issued against any purchaser or assets sold by the Trust to prevent such purchaser from taking possession of any asset purchased by him.”

 

Done in the City of Manila, this 15th day of December in the year of Our Lord, nineteen hundred and eighty-six.

 

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Last revised:  August 27, 2016 12:37 AM.

 

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