Republic Acts1 min read
Section 15Sec./Art. 15
Personal notes Saved on this device
0 / 5,000 charactersReport page issue
Answer First
Primary Text
Conversion into a Corporation. - In pursuance of the provisions of Section 14 of this Act, the grantee shall convert the ownership of the franchise to a corporation: Provided that the grantee shall retain majority ownership thereof. Noncompliance therewith shall render the franchise ipso facto revoked.
Use With Care
Definitions and exceptions often appear before or after this text.
Court decisions may interpret, limit, or apply this provision.
Confirm amendment, repeal, effectivity, and official publication.