Take Over of All Corporations in which the Jacinto Family have Controlling Interest
Letter of Instructions No. 49, issued on January 5, 1973, directs the Secretary of National Defense to take over the management and control of corporations primarily owned by Mr. Fernando Jacinto and his children. This action is necessitated by their absence from the country, which hinders the resolution of the corporations' obligations to creditors. The takeover aims to safeguard the interests of both the government and legitimate creditors during the ongoing emergency situation.
Law Information
- Reference Number
- Letter of Instructions No. 49
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
January 5, 1973
LETTER OF INSTRUCTIONS NO. 49
TO : The Secretary of National Defense
In view of the fact that Mr. Fernando Jacinto and his children, who constitute the majority stockholders and members of the Board of Directors of the corporations now under custody and possession of the government, pursuant to LOI 39, are not in the country, thereby preventing the settlement of the obligations of these corporations to legitimate creditors, it is now necessary to protect the interest of the government and the creditors of these corporations by taking over the management, control, and operation of all the corporations in which the Jacinto family have controlling interest.
You are therefore directed to take over the management, control, and operation of all the corporations in which the Jacinto family have controlling interest during the existence of the presentational emergency. casia
January 5, 1973
Cite This Law
Take Over of All Corporations in which the Jacinto Family have Controlling Interest, Letter of Instructions No. 49, Jan 5, 1973 (Philippines)
Take Over of All Corporations in which the Jacinto Family have Controlling Interest, Letter of Instructions No. 49 (Phil. 1973)
Related Laws
- Jacinto Family CorporationsLetter of Instructions No. 39 • Nov 9, 1972 • Presidential Issuances
- Take Over and Control of the Assets of Corporations Owned by Fernando JacintoLetter of Instructions No. 35 • Oct 28, 1972 • Presidential Issuances
- Acquisition of Jacinto Estate in Nueva EcijaLetter of Instructions No. 370 • Feb 3, 1976 • Presidential Issuances
- Providing for Continued Management and Administration by the Government of All Private Corporations or Companies under SequestrationGeneral Order No. 70 • Jan 16, 1981 • Presidential Issuances
- Improvement of Control Mechanism Over Borrowings of GOCCsLetter of Instructions No. 1340 • Jul 1, 1983 • Presidential Issuances
- Take Over of the Possession and Destruction of All Jackpot Machines or Similar ContrivancesLetter of Instructions No. 9 • Sep 26, 1972 • Presidential Issuances
Browse More Presidential Issuances
Explore other laws in the Presidential Issuances category.
View All Presidential IssuancesNeed Help Understanding This Law?
Ask our AI assistant to explain provisions, implications, or related laws.
Ask AI About This Law