Republic Acts1 min read
Section 13Sec./Art. 13
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This franchise is granted with the understanding that the grantee is a corporation sixty percent (60%) of the capital stock of which is the bona fide property of citizens of the Philippines and that the interest of such citizens in its capital stock or in the capital of the company with which it may merge shall at no time be allowed to fall below such percentage, under the penalty of cancellation of this franchise.
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