RA 10149 CHAPTER VI

Section 27–28 · 2 provisions

Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails.・Read the official text ↗

Requisites for the Creation of a New GOCC or Related Corporation under The Corporation Code.

Section 27

SEC. 27. Requisites for the Creation of a New GOCC or Related Corporation under The Corporation Code.—A government agency seeking to establish a GOCC or Related Corporation under “The Corporation Code of the Philippines” shall submit its proposal to the GCG for review and recommendation to the President for approval before registering the same with the Securities and Exchange Commission (SEC). The SEC shall not register the articles of incorporation and bylaws of a proposed GOCC or Related Corporation, unless the application for registration is accompanied by an endorsement from the GCG stating that the President has approved the same.

Requisites for the Acquisition of Controlling Interest in Another Corporation.

Section 28

SEC. 28. Requisites for the Acquisition of Controlling Interest in Another Corporation.—Any government agency seeking to purchase a corporation or acquire controlling interest therein shall submit its proposal to the GCG for review and approval of the President.

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Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).