Amendment to R.A. No. 5099 Re: Franchise Grant to Jose O. Martinez
Republic Act No. 5404, enacted on June 15, 1968, amends Republic Act No. 5599, which granted Jose O. Martinez a franchise to operate an ice plant and cold storage in Malangas, Zamboanga del Sur. The amendment allows the grantee to sell, lease, or transfer the franchise and associated properties with Congressional approval. Additionally, it permits the grantee to mortgage the franchise and related equipment to the Development Bank of the Philippines or other government-backed lenders. The law became effective upon its approval and was published in the Official Gazette on June 30, 1969.
Law Information
- Reference Number
- Republic Act No. 5404
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 15, 1968
REPUBLIC ACT NO. 5404
AN ACT AMENDING REPUBLIC ACT NUMBERED FIFTY HUNDRED NINETY-NINE, ENTITLED "AN ACT GRANTING JOSE O. MARTINEZ A FRANCHISE TO CONSTRUCT, OPERATE AND MAINTAIN AN ICE PLANT AND COLD STORAGE IN THE MUNICIPALITY OF MALANGAS, PROVINCE OF ZAMBOANGA DEL SUR"
SECTION 1. Section five of Republic Act Numbered Fifty hundred ninety-nine is hereby amended to read as follows: casia
"Sec. 5. The grantee, with the approval of the Congress of the Philippines first had, may sell, lease, grant, convey, assign, give in usufruct, or transfer this franchise and all property and rights acquired thereunder to any qualified individual, association or corporation competent to operate the business hereby authorized: Provided, however, That the grantee is hereby authorized to mortgage this franchise in favor of the Development Bank of the Philippines or any other government-owned or controlled lending institution: Provided, further, That all properties or equipment used in the business are also mortgaged together with said franchise." cd
SECTION 2. This Act shall take effect upon its approval.
Enacted without Executive approval, June 15, 1968.
Published in the Official Gazette, Vol. 65, No. 26, p. 6583 on June 30, 1969
Cite This Law
Amendment to R.A. No. 5099 Re: Franchise Grant to Jose O. Martinez, Republic Act No. 5404, Jun 15, 1968 (Philippines)
Amendment to R.A. No. 5099 Re: Franchise Grant to Jose O. Martinez, Republic Act No. 5404 (Phil. 1968)
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