Transfer of Radio Station Franchise of Segundo P. Lustre, Jr. to the Radio Marine Network, Inc.
Republic Act No. 7512, enacted on May 21, 1992, authorizes the transfer of the telecommunications franchise from Segundo P. Lustre, Jr. to Radio Marine Network, Incorporated, allowing the latter to establish and operate radio stations in the Philippines and abroad. The act extends the franchise's term by an additional 25 years from its previous expiration date. To comply with the constitutional requirement for democratizing public utility ownership, the company must publicly offer at least 30% of its common stocks within three years, with restrictions on individual ownership. Additionally, Radio Marine Network is required to submit annual reports to Congress regarding its operations and compliance with the franchise's terms. The law took effect 15 days after its publication in major newspapers.
Law Information
- Reference Number
- Republic Act No. 7512
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
May 21, 1992
REPUBLIC ACT NO. 7512
AN ACT AUTHORIZING THE TRANSFER AND ASSIGNMENT TO THE RADIO MARINE NETWORK, INCORPORATED, OF THE FRANCHISE TO ESTABLISH, MAINTAIN AND OPERATE RADIO STATIONS FOR TELECOMMUNICATIONS WITHIN AND WITHOUT THE PHILIPPINES GRANTED UNDER REPUBLIC ACT NUMBERED FORTY-SIX HUNDRED AND SEVEN TO SEGUNDO P. LUSTRE, JR., AND ALL PROPERTIES AND RIGHTS ACQUIRED THEREUNDER OF SEGUNDO P. LUSTRE, JR., AND EXTENDING THE TERMS OF THE SAID FRANCHISE TO ANOTHER TWENTY-FIVE (25) YEARS
SECTION 1. The sale, transfer and assignment to the Radio Marine Network, Incorporated, a corporation organized and existing in accordance with the laws of the Philippines, of the franchise to establish, maintain and operate radio stations for telecommunications within and without the Philippines granted under Republic Act Numbered Forty-six hundred and seven to Segundo P. Lustre, Jr., and all properties and rights acquired thereunder by Segundo P. Lustre, Jr., is hereby authorized and approved. cdt
SECTION 2. In compliance with the constitutional mandate to democratize ownership of public utilities, the herein grantee shall make public offering through the stock exchanges of at least thirty percent (30%) of its common stocks within a period of three (3) years from the date of effectivity of this Act: Provided, That no single person or entity shall be allowed to own more than five percent (5%) of the stock offerings.
SECTION 3. The Radio Marine Network, Incorporated, shall henceforth be subject to the provisions of said Republic Act Numbered Forty-six hundred and seven.
SECTION 4. The term of the franchise granted under Republic Act Numbered Forty-six hundred and seven is hereby extended by another twenty-five (25) years from November 18, 1993 which is the date of expiration thereof under the said Act.
SECTION 5. The grantee shall submit an annual report to the Congress of the Philippines on its compliance with the terms and conditions of the franchise and on its operations within sixty (60) days from the end of every year. acd
SECTION 6. Effectivity Clause. — This Act shall take effect fifteen (15) days from the date of its publication in at least two (2) newspapers of general circulation in the Philippines.
Approved: May 21, 1992
Published in Malaya and the Philippine Times Journal on May 27, 1992. Published in the Official Gazette, Vol. 88 No. 28 page 4501 on July 13, 1992.
Cite This Law
Transfer of Radio Station Franchise of Segundo P. Lustre, Jr. to the Radio Marine Network, Inc., Republic Act No. 7512, May 21, 1992 (Philippines)
Transfer of Radio Station Franchise of Segundo P. Lustre, Jr. to the Radio Marine Network, Inc., Republic Act No. 7512 (Phil. 1992)
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