An Act Authorizing the Pan American Airways Company to Sell, Assign or Otherwise Transfer its Franchise and All Property and Rights Acquired under Act Numbered Forty-Two Hundred and Forty-Nine in Favor of the Pan American Airways Incorporated
Commonwealth Act No. 644, enacted on June 11, 1941, authorizes the Pan American Airways Company to transfer its franchise and associated rights to Pan American Airways Incorporated. The transfer must comply with the existing terms and conditions of the original franchise. Additionally, if the Philippine Government chooses to operate the enterprise itself, the grantee is required to surrender the franchise and return all serviceable equipment at cost, minus reasonable depreciation. The Act takes effect immediately upon its approval.
Law Information
- Reference Number
- Commonwealth Act No. 644
- Date Enacted
- Category
- Statutes
- Subcategory
- Commonwealth Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 11, 1941
COMMONWEALTH ACT NO. 644
AN ACT AUTHORIZING THE PAN AMERICAN AIRWAYS COMPANY TO SELL, ASSIGN OR OTHERWISE TRANSFER ITS FRANCHISE AND ALL PROPERTY AND RIGHTS ACQUIRED UNDER ACT NUMBERED FORTY-TWO HUNDRED AND FORTY-NINE IN FAVOR OF THE PAN AMERICAN AIRWAYS INCORPORATED
SECTION 1. The Pan American Airways Company is authorized to sell, lease, convey, grant, assign, or otherwise transfer its franchise and all property and rights acquired under Act Numbered Forty-two hundred and forty-nine, in favor of the Pan American Airways Incorporated, subject to all the conditions, terms, restrictions and limitations of said franchise. HDIaST
SECTION 2. It is expressly provided that in the event the Government should desire to maintain and operate for itself the plant and the enterprise, the sale and conveyance of which is herein authorized, the grantee shall surrender its franchise and will turn over to the Government all serviceable equipments, at cost, less reasonable depreciation.
SECTION 3. This Act shall take effect upon its approval.
Approved, June 11, 1941.
Cite This Law
An Act Authorizing the Pan American Airways Company to Sell, Assign or Otherwise Transfer its Franchise and All Property and Rights Acquired under Act Numbered Forty-Two Hundred and Forty-Nine in Favor of the Pan American Airways Incorporated, Commonwealth Act No. 644, Jun 11, 1941 (Philippines)
An Act Authorizing the Pan American Airways Company to Sell, Assign or Otherwise Transfer its Franchise and All Property and Rights Acquired under Act Numbered Forty-Two Hundred and Forty-Nine in Favor of the Pan American Airways Incorporated, Commonwealth Act No. 644 (Phil. 1941)
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