Further Modifying Proclamation No. 50
Proclamation No. 50-B, issued on June 8, 1987, modifies a prior proclamation to enhance the government's program for privatizing certain assets and corporations. It mandates that within one year, the President, through the Committee on Privatization, must identify government assets suitable for privatization and outline the necessary instruments for their transfer. This includes detailing loans and transactions related to these assets. The proclamation is effective immediately.
Law Information
- Reference Number
- Proclamation No. 50-B
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Presidential Proclamations
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 8, 1987
PROCLAMATION NO. 50-B
FURTHER MODIFYING PROCLAMATION NO. 50
For the Government to implement effectively the program for the expeditious disposition and privatization of certain government corporations and/or the assets thereof, Section 23, first paragraph of Proclamation No. 50 is hereby modified to read as follows:
"SEC. 23. Mechanics of Transfer of Assets. — As soon as practicable, but not later than one year from the date of the issuance of this Proclamation, the President, acting through the Committee on Privatization, shall identify such assets of government institutions as appropriate for privatization and divestment in an appropriate instrument describing such assets or identifying the loan or other transactions giving rise to the receivables, obligations and other property constituting assets to be transferred." HEacDA
This Proclamation shall take effect immediately.
Manila, June 8, 1987.
Cite This Law
Further Modifying Proclamation No. 50, Proclamation No. 50-B, Jun 8, 1987 (Philippines)
Further Modifying Proclamation No. 50, Proclamation No. 50-B (Phil. 1987)
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