Creating a Committee and Authorizing the Same to Vote the Stock Held by the Government in the Manila Railroad Company
Act No. 2752, enacted on February 23, 1918, establishes a committee composed of key government officials to manage and vote on the stock held by the Philippine government in the Manila Railroad Company and any successor corporations. The committee is authorized to take actions such as selling or transferring properties, merging with other corporations, distributing assets to shareholders, and dissolving the company, provided that the successor assumes all liabilities to the company's creditors. This act aims to facilitate the transition of ownership and management of the railroad's assets while ensuring the protection of creditors' rights. The law takes effect upon approval.
Quick Answers
- What is Creating a Committee and Authorizing the Same to Vote the Stock Held by the Government in the Manila Railroad Company about?
- Act No. 2752, enacted on February 23, 1918, establishes a committee composed of key government officials to manage and vote on the stock held by the Philippine government in the Manila Railroad Company and any successor corporations. The committee is authorized to take actions such as selling or transferring properties, merging with other corporations, distributing assets to shareholders, and dissolving the company, provided that the successor assumes all liabilities to the company's creditors. This act aims to facilitate the transition of ownership and management of the railroad's assets while ensuring the protection of creditors' rights. The law takes effect upon approval.
- What type of law is Act No. 2752?
- Creating a Committee and Authorizing the Same to Vote the Stock Held by the Government in the Manila Railroad Company (Act No. 2752) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was Creating a Committee and Authorizing the Same to Vote the Stock Held by the Government in the Manila Railroad Company enacted?
- Creating a Committee and Authorizing the Same to Vote the Stock Held by the Government in the Manila Railroad Company (Act No. 2752) was enacted on Feb 23, 1918.
- What is the citation for Creating a Committee and Authorizing the Same to Vote the Stock Held by the Government in the Manila Railroad Company?
- Creating a Committee and Authorizing the Same to Vote the Stock Held by the Government in the Manila Railroad Company, Act No. 2752, Feb 23, 1918 (Philippines)
Law Information
- Reference Number
- Act No. 2752
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
February 23, 1918
ACT NO. 2752
AN ACT CREATING A COMMITTEE AND AUTHORIZING THE SAME TO VOTE THE STOCK NOW HELD BY THE GOVERNMENT OF THE PHILIPPINE ISLANDS IN THE MANILA RAILROAD COMPANY OR SUCH STOCK AS MAY HEREAFTER BE HELD BY THE SAID GOVERNMENT IN ANY CORPORATION WHICH MAY HAVE SUCCEEDED TO THE PROPERTIES AND FRANCHISES OWNED BY THE SAID COMPANY, AND TO TAKE SUCH OTHER ACTION AS MAY BE NECESSARY OR CONVENIENT IN ORDER TO ACCOMPLISH THE PURPOSES HEREIN SPECIFIED
SECTION 1. A committee is hereby created, to be composed of the Governor-General, the President of the Senate, and the Speaker of the House of Representatives, to exercise the power of voting, either itself or by its representative thereunto duly authorized, the stock now held by the Government of the Philippine Islands in the Manila Railroad Company or such stock as may hereafter be held by the said Government in any corporation which may have succeeded to the properties and franchises owned by the said The Manila Railroad Company, whether by sale, by merger, or by consolidation with the said The Manila Railroad Company, or with any corporation successor thereto, and to take such other action as it may deem necessary or convenient in order to enable the said The Manila Railroad Company, or any such other corporation:
First. To sell, transfer or convey all of said properties and franchises to any corporation now or hereafter organized under the laws of the United States, or of any State or Territory of the United States, or of the Philippine Islands, and entitled to acquire the same in exchange for fully paid up capital stock in such corporation of an aggregate par value of not less than eight million pesos, Philippine currency, or its equivalent in United States currency.
Second. To merge itself into or consolidate itself with any corporation now or hereafter organized under the laws of the United States, or of any State or Territory of the United States, or of the Philippine Islands, and which is now or hereafter authorized to enter into such merger or consolidation.
Third. To distribute its assets in specie or otherwise among its shareholders as they may elect in accordance with law.
Fourth. To become dissolved: Provided, however, That said Committee may not exercise the authority conferred under this Act, unless the corporation succeeding to the properties and franchises owned by the Manila Railroad Company, whether by sale, by merger, or by consolidation, shall assume all the liabilities of the said The Manila Railroad Company to its bondholders and other creditors.
SECTION 2. This Act shall take effect on its approval.
Approved: February 23, 1918.
Cite This Law
Creating a Committee and Authorizing the Same to Vote the Stock Held by the Government in the Manila Railroad Company, Act No. 2752, Feb 23, 1918 (Philippines)
Creating a Committee and Authorizing the Same to Vote the Stock Held by the Government in the Manila Railroad Company, Act No. 2752 (Phil. 1918)
Related Laws
- Authorizing the Governor-General to Execute a Certain MOA with the Manila Railroad Company and the Manila Railway Company (1906), Ltd.Act No. 2574 • Feb 4, 1916 • Statutes
- Authorizing the Governor-General to Purchase 60,635 Shares of the Capital Stock of the Manila Railroad CompanyAct No. 2895 • Feb 25, 1920 • Statutes
- Authority to Governor-General to Purchase Shares of the Manila Railroad CompanyAct No. 3410 • Dec 7, 1927 • Statutes
- An Act To Provide Certain Facilities for The Administration of The Manila Railroad CompanyAct No. 2699 • Mar 9, 1917 • Statutes
- An Act Authorizing the "Manila Railroad Company" to Abandon its Railroad Line Between the Municipalities of Noveleta and Cavite, Province of Cavite, and for Other PurposesAct No. 3017 • Mar 8, 1922 • Statutes
- Grant of Additional Concession to Manila Railroad Company (Railroad)Act No. 3399 • Dec 5, 1927 • Statutes
Browse More Statutes
Explore other laws in the Statutes category.
View All StatutesNeed Help Understanding This Law?
Ask our AI assistant to explain provisions, implications, or related laws.
Ask AI About This Law