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    Norberto Sarigumba III
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    7 views2 pages

    4f Corporate Nationality0001

    Uploaded by

    Norberto Sarigumba III

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 2
    CORPORA DETERMINATION The Department of Justice in ts opinion dated January 19, 1989 ruled that shares belonging {to corporations or partnerships atleast 60 per- cent of the capital of which is owned by Filipino citizens shall be considered as of Philippine nationality, butf the percentage of Filipino ownership in the corporation ot NATIONALITY: METHOD OF ship sexs than 60% only the munber of shares coespond ing to mach percentage shall be couied as of Phifppine _ntionaity. Thus. i 100,000 shares re tegiseced i he ‘name of corporation oparnertipa est 6O% of the cap {al tock or aptal respectively, of which belong to Flipno ‘zens. allo the sid stares shall be recorded 4 owned by Fiipoos, Patties than 60% oa oly SO% of he cape or api ofthe corporction or partnerships, respec. tively belongs o Filipino citizens, ony $0,000 shares shall ‘becounted a owned by Filipinos snd the ether $0,000 shares ‘hal be recondd as belonging to aliens” partnership is less than 60 percent, only the athe ight of the foregoing the Commission hereby confizas your view ‘number of shares corresponding te such per- on te mate. centage shall be counted as of Philippine ratonatty, ier Pleas be advised accordingly, Sadan" “This ees o your fete ated June 20,198, requesting contiemation of ‘our contention tha corporation 70% af he capital stock of whichis ved 1y Sun Miguel Coeporaion (SMC) and 30% by a freign enti, qualiied ‘coeaqir private lanl i the Pippin, (SMC lst 1 70% owned by ‘lipiaes). In connection therewith, the Commission en Bane, in ks meting of November 2, 1989, resolved to adopt the method of determining corperste ‘nionality on the basis ofthe pinion ofthe Department of Tustice NOS § 1939, cated Jamsry 19, 1989. The ule the detcemiaaton of cikacarhip of conporatons with alien equity sates as follows "Shares belonging tocosporaion or partershipsat least 6% ofthe capital of whichis ened by Filipina cient stall be considered sof Philippine aaionality. bai the pee centage of Filipe owner i the corporation cr porter seep dt So 61, nd ce Brn ed apn Law i ed =o METHOD OF DETERMINING CORPORATE NATIONALITY ‘Shares belonging to corporations or partner- ‘ships at least 60% of the capital of which Is ‘owned by Filipino citizens shall be considered {as of Philippine nationality. sir? “This reer to your lena dated December 8, 1989, requesting guiance and interpretation ofthe “grandfather ric” as applied wo the following cor porate srucime oF ownership. ‘There are wo @) domestic eorportions, "B* Comp, bth with 60% Filipino and 40% Furelgn par- Aicipntion. “B" Corp. proposes to acquire the equivalent of 4% ofthe shares of "A Corp nd 40% t come from the of Filipino stockholders. The evuling sharsholding rp. will tbs be follows 40% Foreign ladividuals) 20% Origine Fipino nciviuals) 40% °B" Comp. (lipino Corp. with 40% Foreign and 60% + corp.and Filipino equity) Please be vied that dhe Commission en Bani its meeting of Novem- bor 1989 resolved io adopt the meld of determining corporate natonalily ‘on the basi ofthe Opinion a the Depart of lustice No 18,3, 1989, ted ‘January 19,1989. Toe rule inthe determination of iizensbip of crporations ‘Wit alien cquity stats as follows: “Shares belonging iocorporations or partaeship at ast {60% ofthe capital of which ix owned by Filiping citizens shullheconsdeceds of Piippincnasionlty. bur he per- ‘entage of Filipino ownership in the corporation or parner- et Omen 18 ay, Mane Sa Poet ‘Aaa my hon Cone Rate. Sete Ship es than 605% only the number of sre corespond- ing 1 such percentage stall be comned a8 of Puilppine “ronal. Ths. 100,00 sharesareregiserdin he are

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