PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW LIBRARY
|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"|
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.