Section 20
SEC. 20. Transfer of Assets. (a) There shall be transferred to and vested in the Trust such assets of government institutions as may from to time within the period of one year from the date of this Decree be identified by the President of the Philippines, upon the recommendation of the Minister of Finance, as appropriate for divestment in accordance with the provisions of this Decree. Such assets shall include: (i) receivables and other obligations due to government institutions under credit, lease, indemnity and other agreements together with all collateral security and other rights (including but not limited to rights in relation to shares of stock in corporations or to exercise voting powers in relation thereto and rights to appoint directors of corporations or otherwise engage in the management thereof) granted to such institutions by contract or operation of law to secure or enforce the right of payment of such obligations; (ii) real and personal property of any kind owned or held by government institutions, including shares of stock in corporations, obtained by such government institutions, whether directly or indirectly, through foreclosure or other means, in settlement of such obligations; and (iii) shares of stock and other investments held by government institutions. (b) The President of the Philippines, on behalf of the National Government, may and is hereby authorized to assume the obligations of government institutions on terms and to the extent determined by the President, on the recommendation of the Minister of Finance, to be warranted by the transfer of assets from such institutions pursuant to this Decree. (c) The President of the Philippines shall identify assets to be transferred to the Trust as aforesaid 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. Such instrument shall upon execution by the President constitute the operative act of transfer of the assets described therein. (d) Nothing in this Decree shall: (i) impair the rights of creditors of any of the government institutions involved; (ii) affect the rights of the National Government to pursue the enforcement of any claim of a government institution in respect of or in relation to any asset transferred hereunder; (iii) in relation to any debt hereby assigned and transferred to the Trust of which a government institution is the original creditor; give rise to any novation or requirement to obtain the consent of the debtor; and (iv) in relation to any share of stock or any interest therein, give rise to any claim by any other stockholder for enforecent of rights of pre-emption or of first refusal or other similar rights, the provision of any law to the contrary notwithstanding. (e) Government institutions, as referred to in this Decree, shall mean government-owned or controlled corporations, financial or otherwise, whether organized by special charter or under general law.