Practice question
An investor calls itself a private company, but the established arrangements allow a foreign state enterprise to intervene in its administration and operation. It proposes a new investment in a covered utility and is not a qualifying fund. Is the private label a complete answer?
- Yes; every private corporate label overrides the arrangements.
- Yes; only a state-owned company with government in its name can be restricted.
- No; because all foreign private companies are prohibited everywhere.
- No; the actual acting-on-behalf or control relationship must be assessed under the prohibition.
- Yes; administrative intervention is never relevant.
Legal references
- RA 11659, amending CA146, public-utility definition and national-security safeguards: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/94539
- Signed March 20, 2023 implementing rules of RA11659, Sections 5-7 and 32-45: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/97017
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