Republic Acts
Republic Act No. 9212
PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW
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REPUBLIC
ACT NO. 9212
REPUBLIC ACTS
| AN ACT AMENDING REPUBLIC ACT NO.
7582, ENTITLED "AN ACT RENEWING THE
FRANCHISE GRANTED TO THE CONSOLIDATED BROADCASTING SYSTEM, INC.,
PREVIOUSLY KNOWN AS THE AUDIENCE, INCORPORATED TO CONSTRUCT, MAINTAIN
AND OPERATE RADIO BROADCASTING AND TELEVISION STATIONS IN THE
PHILIPPINES, UNDER REPUBLIC ACT NUMBERED THIRTY-NINE HUNDRED AND TWO,
TO ANOTHER TWENTY-FIVE (25) YEARS FROM THE DATE OF APPROVAL OF THIS
ACT." |
| Section
1. Sec. 3 of Republic Act No. 7582 is hereby
amended to read as follows: "Sec.
3. Dispersal of Ownership. – In compliance with the
constitutional mandate to democratize ownership of public utilities,
the herein grantee shall make public offering through the stock
exchange of at least thirty percent (30%) of its outstanding capital
stock or a higher percentage that may hereafter be provided by law, in
any securities exchange in the Philippines within five (5) years from
the time it has achieved the status of a national broadcasting network.
A "national broadcasting network" is hereby defined as one that
operates three (3) or more radio and/or television stations: provided,
that the offer to the public through any securities exchange in the
Philippines of at least thirty percent (30%) of the number of shares of
a holding company that owns at least a majority of the capital stock of
the grantee sufficient to constitute an offer of at least thirty
percent (30%) interest in the outstanding capital stock of the grantee
shall be deemed compliance with the requirement herein provided.
Non-compliance therewith shall be a cause for revocation of the
franchise: provided, that no single person or entity shall be allowed
to own more than five percent (5%) of the stock offerings." Sec. 2. Sec. 5 of Republic Act No. 7582 is hereby amended to read as follows: "Sec.
5. 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 entity, nor merge with any
other corporation or entity without the prior approval of the Congress
of the Philippines. Neither shall the controlling interest in 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: (1) 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; (2) any transfer or sale of
shares of stock to an investor or investors; (3) 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; (4) 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 validly sold, transferred or assigned shall be
subject to all the same conditions, terms, restrictions and limitations
of this Act." Sec. 3. A new Sec. 7 is hereby inserted after Sec. 6 of Republic Act No. 7582, to read as follows: "Sec.
7. Self-regulation by and Undertaking of the Grantee.
– The grantee shall not require any previous censorship of any speech,
play, act or scene, or other matter to be broadcast from its stations:
provided, that, the grantee, during any broadcast, shall cut off from
the air the speech, play, act or scene, or the matter being broadcast
if the tendency thereof is to propose and/or incite treason, rebellion
or sedition; or the language used therein or the theme thereof is
indecent or immoral; and willful failure to do so shall constitute a
valid cause for the cancellation of this franchise." Sec. 4. The succeeding Sec.s of Republic Act No. 7582 are renumbered accordingly. Sec. 5. 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. Approved: July 23, 2003. |
