MEMORANDUM CIRCULAR NO. 42 - REQUIRING ALL CHAIRMEN, DIRECTORS AND HEADS OF COMPANIES AND CORPORATIONS FORECLOSED OR TAKEN OVER BY THE GOVERNMENT TO TENDER THEIR RESIGNATION

In line with the policy to expedite the privatization of non-performing assets and those that are not essential or necessary for the government to retain, all Chairmen, Directors and Heads of companies and corporations foreclosed or taken over by the government are hereby directed to submit immediately to the Office of the President their undated letters of resignation.

For the guidance of all concerned, the Committee on Privatization shall come out with a list of companies and corporations covered by this Circular.

This Memorandum Circular takes effect immediately.

Manila, November 16, 1987.

chanrobles virtual law library
  Back to Main

Since 19.07.98.