Vous êtes sur la page 1sur 132

{\rtf1 \ansi

{\colortbl;
\red0\green0\blue0;
\red255\green255\blue255;
\red255\green0\blue0;
\red0\green255\blue0;
\red0\green0\blue255;
\red0\green255\blue255;
\red255\green0\blue255;
\red255\green255\blue0;
\red0\green0\blue128;
\red0\green128\blue128;
\red0\green128\blue0;
\red128\green0\blue128;
\red128\green0\blue0;
\red128\green128\blue0;
\red128\green128\blue128;
\red192\green192\blue192;
\red170\green170\blue170;
\red85\green85\blue85;
\red37\green37\blue37;
\red33\green33\blue33;
\red119\green119\blue119;
\red255\green255\blue102;
\red203\green203\blue203;
\red245\green245\blue245;
\red102\green102\blue102;
\red240\green248\blue255;
\red127\green127\blue127;
\red229\green243\blue255;
\red179\green218\blue255;
\red255\green255\blue204;
\red255\green204\blue0;
\red107\green107\blue106;
\red232\green233\blue232;
\red249\green249\blue249;
\red117\green117\blue117;
\red190\green190\blue252;
\red187\green187\blue187;
\red80\green80\blue80;
\red56\green124\blue43;
\red246\green246\blue246;
\red151\green151\blue151;
\red21\green137\blue21;
\red249\green250\blue251;
\red218\green218\blue218;
\red228\green231\blue232;
\red204\green204\blue204;
\red247\green247\blue247;
\red172\green172\blue172;
\red9\green56\blue84;
\red255\green255\blue174;
\red183\green242\blue206;
\red204\green255\blue255;
\red255\green210\blue183;
\red182\green231\blue243;
\red221\green195\blue236;
\red181\green79\blue104;
}
{\fonttbl {
\f0 Arial;}{
\f1 Symbol;}{
\f2 Times New Roman;}{
\f3 georgia;}{
\f4 sans-serif;}{
\f5 serif;}{
\f6 Source Sans Pro;}
}
{\*\generator Apache XML Graphics RTF Library;}
\fet0 \ftnbj
{\*\listtable
{\list\listtemplateid-
480847893\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-563752096}
{\list\listtemplateid-
787612497\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid944988795}
{\list\listtemplateid1674537627\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
1448558574}
{\list\listtemplateid-
1471333858\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-188990544}
{\list\listtemplateid231607524\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
934226252}
{\list\listtemplateid574919552\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid1047673594}
{\list\listtemplateid2124031150\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid300658776}
{\list\listtemplateid-
763667278\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-1499108223}
{\list\listtemplateid1605055135\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
261790393}
{\list\listtemplateid-
1376298365\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-388492451}
{\list\listtemplateid1127642833\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid2111824897}
{\list\listtemplateid1564760196\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid51872312}
{\list\listtemplateid-
727339836\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid972698754}
{\list\listtemplateid-
872495071\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid1649891889}
{\list\listtemplateid-
634842474\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-1322112057}
{\list\listtemplateid-
981418764\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid2080855043}
{\list\listtemplateid-
385470607\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid313480079}
{\list\listtemplateid-
126756264\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-455477402}
{\list\listtemplateid-
1570239165\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid1617824358}
{\list\listtemplateid1039140413\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
1825250123}
{\list\listtemplateid-
1718822476\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-5365794}
{\list\listtemplateid-
1240468165\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-668363568}
{\list\listtemplateid-
1585962411\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-738692833}
{\list\listtemplateid-
1076763672\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid778023747}
{\list\listtemplateid-
1626333164\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid1648576930}
{\list\listtemplateid664277358\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid692614823}
{\list\listtemplateid1073726968\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid1677036601}
{\list\listtemplateid301059927\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid310680392}
{\list\listtemplateid907970313\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
1627068334}
{\list\listtemplateid845626026\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
2049121273}
{\list\listtemplateid498730895\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid963354491}
{\list\listtemplateid606007868\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid667370882}
{\list\listtemplateid-
1037226625\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid1190567720}
{\list\listtemplateid771251775\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid1433476977}
{\list\listtemplateid2062763058\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid959771316}
{\list\listtemplateid575298846\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
102160301}
{\list\listtemplateid1125984088\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
1638018651}
{\list\listtemplateid1025468813\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid9039689}
{\list\listtemplateid-
1862686421\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid1033031220}
{\list\listtemplateid264605147\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
1016063936}
{\list\listtemplateid-
484333593\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-516429813}
{\list\listtemplateid1863956618\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid1406514774}
{\list\listtemplateid908822136\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
881621168}
{\list\listtemplateid-
1873066463\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid870213750}
{\list\listtemplateid-
632226699\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-242965534}
{\list\listtemplateid-
1345465281\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-1812587452}
{\list\listtemplateid1435332941\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid1086168289}
{\list\listtemplateid-
1036209677\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid194943808}
{\list\listtemplateid-
2073405761\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-1344895884}
{\list\listtemplateid1607762251\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid614876709}
{\list\listtemplateid353515151\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid288482245}
{\list\listtemplateid-
1325605334\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-1702583662}
{\list\listtemplateid-
862296202\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid450575184}
{\list\listtemplateid639966814\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid2084544236}
{\list\listtemplateid16686425\listsimple{\listlevel\leveljc\levelfollow0\levelspace
0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid129418077}
{\list\listtemplateid-
149651727\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid671527041}
{\list\listtemplateid38324414\listsimple{\listlevel\leveljc\levelfollow0\levelspace
0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid1993224394}
{\list\listtemplateid780096191\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid2061447153}
{\list\listtemplateid907213179\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
1440841202}
{\list\listtemplateid-
1733818807\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid1318033353}
{\list\listtemplateid-
1053280081\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid705108090}
{\list\listtemplateid-
1863578425\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid581798256}
{\list\listtemplateid1331990006\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
843406912}
{\list\listtemplateid-
7730557\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\levelt
ext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid1569504326}
{\list\listtemplateid-
696015913\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-1340697159}
{\list\listtemplateid267374692\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid487275273}
{\list\listtemplateid-
804208767\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid592333922}
{\list\listtemplateid1169423560\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
400977029}
{\list\listtemplateid-
213778505\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid19066919}
{\list\listtemplateid-
1270327913\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid1856232513}
{\list\listtemplateid-
600566009\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid20041828}
{\list\listtemplateid-
1464914028\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-1066748658}
{\list\listtemplateid-
1931807423\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid259446824}
{\list\listtemplateid240088822\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid984196352}
{\list\listtemplateid1473188903\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
88527557}
{\list\listtemplateid363343159\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
1034257591}
{\list\listtemplateid-
2108269727\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-1988871327}
{\list\listtemplateid241004587\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid2075891218}
{\list\listtemplateid-
310194253\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-466636832}
{\list\listtemplateid992370259\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
105303141}
{\list\listtemplateid-
47152783\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\level
text\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-497211072}
{\list\listtemplateid1992584306\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid657994150}
{\list\listtemplateid307195441\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
1157980335}
{\list\listtemplateid1923219553\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
482156779}
{\list\listtemplateid-
1954723390\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-1062942862}
{\list\listtemplateid-
482384609\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid1174324178}
{\list\listtemplateid-
692166051\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-1984628465}
{\list\listtemplateid561146924\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
1050901778}
{\list\listtemplateid-
1604053990\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid1421497963}
{\list\listtemplateid1122914326\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid736181004}
{\list\listtemplateid958562213\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
933872225}
{\list\listtemplateid-
439440301\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid1073416448}
{\list\listtemplateid2134800433\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
947894815}
{\list\listtemplateid1798938193\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid491294898}
{\list\listtemplateid-
1210590037\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-390705911}
{\list\listtemplateid31089611\listsimple{\listlevel\leveljc\levelfollow0\levelspace
0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
313151416}
{\list\listtemplateid350474291\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
471770799}
{\list\listtemplateid456591966\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid1624097156}
{\list\listtemplateid363693511\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
1207938212}
{\list\listtemplateid-
67566500\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\level
text\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid1598426473}
{\list\listtemplateid1777046337\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid1530256505}
{\list\listtemplateid1617540830\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
255240668}
{\list\listtemplateid-
1646067837\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-35207896}
{\list\listtemplateid1491162399\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid930585386}
{\list\listtemplateid670072815\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
2006259748}
{\list\listtemplateid-
822633208\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-1088717923}
{\list\listtemplateid-
1201432291\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid1252682754}
{\list\listtemplateid-
1456781050\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-1698112781}
{\list\listtemplateid589207239\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid1646114114}
{\list\listtemplateid1756252963\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
1011962919}
{\list\listtemplateid1244237576\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid893813508}
{\list\listtemplateid-
514710188\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid444597588}
{\list\listtemplateid-
124394299\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid1612514357}
{\list\listtemplateid1601237775\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
596187606}
{\list\listtemplateid821230955\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid1666442058}
{\list\listtemplateid409270305\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
2143991169}
{\list\listtemplateid-
1720967718\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid1963101828}
{\list\listtemplateid417974461\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
605063230}
{\list\listtemplateid615686816\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
1804255115}
{\list\listtemplateid1457479383\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid1737794249}
{\list\listtemplateid156698474\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
522810173}
{\list\listtemplateid-
90656590\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\level
text\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid22631482}
{\list\listtemplateid1818653110\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
1822526164}
{\list\listtemplateid342138040\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid324611885}
{\list\listtemplateid-
1354124595\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-1913697590}
{\list\listtemplateid-
1902559607\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid2084306447}
{\list\listtemplateid524154096\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid1590222743}
{\list\listtemplateid1616314709\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid1965304265}
{\list\listtemplateid1435404241\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
578892750}
{\list\listtemplateid-
2101738642\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-1964310752}
{\list\listtemplateid507150404\listsimple{\listlevel\leveljc\levelfollow0\levelspac
e0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid350670306}
{\list\listtemplateid1988468504\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid-
233740706}
{\list\listtemplateid1579687734\listsimple{\listlevel\leveljc\levelfollow0\levelspa
ce0\levelindent0{\leveltext\'01\u8226\'3f}{\levelnumbers}}
{\listname ;}\listid1166049499}
{\list\listtemplateid-
591450973\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\leve
ltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid974254386}
{\list\listtemplateid-
1917635619\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid740817600}
{\list\listtemplateid-
1368763973\listsimple{\listlevel\leveljc\levelfollow0\levelspace0\levelindent0{\lev
eltext\'01\u8226\'3f}{\levelnumbers}}{\listname ;}\listid137061076}
}
{\*\listoverridetable
{\*\listoverride{\listid-563752096\listoverridecount0\ls1}}
{\*\listoverride{\listid944988795\listoverridecount0\ls2}}
{\*\listoverride{\listid-1448558574\listoverridecount0\ls3}}
{\*\listoverride{\listid-188990544\listoverridecount0\ls4}}
{\*\listoverride{\listid-934226252\listoverridecount0\ls5}}
{\*\listoverride{\listid1047673594\listoverridecount0\ls6}}
{\*\listoverride{\listid300658776\listoverridecount0\ls7}}
{\*\listoverride{\listid-1499108223\listoverridecount0\ls8}}
{\*\listoverride{\listid-261790393\listoverridecount0\ls9}}
{\*\listoverride{\listid-388492451\listoverridecount0\ls10}}
{\*\listoverride{\listid2111824897\listoverridecount0\ls11}}
{\*\listoverride{\listid51872312\listoverridecount0\ls12}}
{\*\listoverride{\listid972698754\listoverridecount0\ls13}}
{\*\listoverride{\listid1649891889\listoverridecount0\ls14}}
{\*\listoverride{\listid-1322112057\listoverridecount0\ls15}}
{\*\listoverride{\listid2080855043\listoverridecount0\ls16}}
{\*\listoverride{\listid313480079\listoverridecount0\ls17}}
{\*\listoverride{\listid-455477402\listoverridecount0\ls18}}
{\*\listoverride{\listid1617824358\listoverridecount0\ls19}}
{\*\listoverride{\listid-1825250123\listoverridecount0\ls20}}
{\*\listoverride{\listid-5365794\listoverridecount0\ls21}}
{\*\listoverride{\listid-668363568\listoverridecount0\ls22}}
{\*\listoverride{\listid-738692833\listoverridecount0\ls23}}
{\*\listoverride{\listid778023747\listoverridecount0\ls24}}
{\*\listoverride{\listid1648576930\listoverridecount0\ls25}}
{\*\listoverride{\listid692614823\listoverridecount0\ls26}}
{\*\listoverride{\listid1677036601\listoverridecount0\ls27}}
{\*\listoverride{\listid310680392\listoverridecount0\ls28}}
{\*\listoverride{\listid-1627068334\listoverridecount0\ls29}}
{\*\listoverride{\listid-2049121273\listoverridecount0\ls30}}
{\*\listoverride{\listid963354491\listoverridecount0\ls31}}
{\*\listoverride{\listid667370882\listoverridecount0\ls32}}
{\*\listoverride{\listid1190567720\listoverridecount0\ls33}}
{\*\listoverride{\listid1433476977\listoverridecount0\ls34}}
{\*\listoverride{\listid959771316\listoverridecount0\ls35}}
{\*\listoverride{\listid-102160301\listoverridecount0\ls36}}
{\*\listoverride{\listid-1638018651\listoverridecount0\ls37}}
{\*\listoverride{\listid9039689\listoverridecount0\ls38}}
{\*\listoverride{\listid1033031220\listoverridecount0\ls39}}
{\*\listoverride{\listid-1016063936\listoverridecount0\ls40}}
{\*\listoverride{\listid-516429813\listoverridecount0\ls41}}
{\*\listoverride{\listid1406514774\listoverridecount0\ls42}}
{\*\listoverride{\listid-881621168\listoverridecount0\ls43}}
{\*\listoverride{\listid870213750\listoverridecount0\ls44}}
{\*\listoverride{\listid-242965534\listoverridecount0\ls45}}
{\*\listoverride{\listid-1812587452\listoverridecount0\ls46}}
{\*\listoverride{\listid1086168289\listoverridecount0\ls47}}
{\*\listoverride{\listid194943808\listoverridecount0\ls48}}
{\*\listoverride{\listid-1344895884\listoverridecount0\ls49}}
{\*\listoverride{\listid614876709\listoverridecount0\ls50}}
{\*\listoverride{\listid288482245\listoverridecount0\ls51}}
{\*\listoverride{\listid-1702583662\listoverridecount0\ls52}}
{\*\listoverride{\listid450575184\listoverridecount0\ls53}}
{\*\listoverride{\listid2084544236\listoverridecount0\ls54}}
{\*\listoverride{\listid129418077\listoverridecount0\ls55}}
{\*\listoverride{\listid671527041\listoverridecount0\ls56}}
{\*\listoverride{\listid1993224394\listoverridecount0\ls57}}
{\*\listoverride{\listid2061447153\listoverridecount0\ls58}}
{\*\listoverride{\listid-1440841202\listoverridecount0\ls59}}
{\*\listoverride{\listid1318033353\listoverridecount0\ls60}}
{\*\listoverride{\listid705108090\listoverridecount0\ls61}}
{\*\listoverride{\listid581798256\listoverridecount0\ls62}}
{\*\listoverride{\listid-843406912\listoverridecount0\ls63}}
{\*\listoverride{\listid1569504326\listoverridecount0\ls64}}
{\*\listoverride{\listid-1340697159\listoverridecount0\ls65}}
{\*\listoverride{\listid487275273\listoverridecount0\ls66}}
{\*\listoverride{\listid592333922\listoverridecount0\ls67}}
{\*\listoverride{\listid-400977029\listoverridecount0\ls68}}
{\*\listoverride{\listid19066919\listoverridecount0\ls69}}
{\*\listoverride{\listid1856232513\listoverridecount0\ls70}}
{\*\listoverride{\listid20041828\listoverridecount0\ls71}}
{\*\listoverride{\listid-1066748658\listoverridecount0\ls72}}
{\*\listoverride{\listid259446824\listoverridecount0\ls73}}
{\*\listoverride{\listid984196352\listoverridecount0\ls74}}
{\*\listoverride{\listid-88527557\listoverridecount0\ls75}}
{\*\listoverride{\listid-1034257591\listoverridecount0\ls76}}
{\*\listoverride{\listid-1988871327\listoverridecount0\ls77}}
{\*\listoverride{\listid2075891218\listoverridecount0\ls78}}
{\*\listoverride{\listid-466636832\listoverridecount0\ls79}}
{\*\listoverride{\listid-105303141\listoverridecount0\ls80}}
{\*\listoverride{\listid-497211072\listoverridecount0\ls81}}
{\*\listoverride{\listid657994150\listoverridecount0\ls82}}
{\*\listoverride{\listid-1157980335\listoverridecount0\ls83}}
{\*\listoverride{\listid-482156779\listoverridecount0\ls84}}
{\*\listoverride{\listid-1062942862\listoverridecount0\ls85}}
{\*\listoverride{\listid1174324178\listoverridecount0\ls86}}
{\*\listoverride{\listid-1984628465\listoverridecount0\ls87}}
{\*\listoverride{\listid-1050901778\listoverridecount0\ls88}}
{\*\listoverride{\listid1421497963\listoverridecount0\ls89}}
{\*\listoverride{\listid736181004\listoverridecount0\ls90}}
{\*\listoverride{\listid-933872225\listoverridecount0\ls91}}
{\*\listoverride{\listid1073416448\listoverridecount0\ls92}}
{\*\listoverride{\listid-947894815\listoverridecount0\ls93}}
{\*\listoverride{\listid491294898\listoverridecount0\ls94}}
{\*\listoverride{\listid-390705911\listoverridecount0\ls95}}
{\*\listoverride{\listid-313151416\listoverridecount0\ls96}}
{\*\listoverride{\listid-471770799\listoverridecount0\ls97}}
{\*\listoverride{\listid1624097156\listoverridecount0\ls98}}
{\*\listoverride{\listid-1207938212\listoverridecount0\ls99}}
{\*\listoverride{\listid1598426473\listoverridecount0\ls100}}
{\*\listoverride{\listid1530256505\listoverridecount0\ls101}}
{\*\listoverride{\listid-255240668\listoverridecount0\ls102}}
{\*\listoverride{\listid-35207896\listoverridecount0\ls103}}
{\*\listoverride{\listid930585386\listoverridecount0\ls104}}
{\*\listoverride{\listid-2006259748\listoverridecount0\ls105}}
{\*\listoverride{\listid-1088717923\listoverridecount0\ls106}}
{\*\listoverride{\listid1252682754\listoverridecount0\ls107}}
{\*\listoverride{\listid-1698112781\listoverridecount0\ls108}}
{\*\listoverride{\listid1646114114\listoverridecount0\ls109}}
{\*\listoverride{\listid-1011962919\listoverridecount0\ls110}}
{\*\listoverride{\listid893813508\listoverridecount0\ls111}}
{\*\listoverride{\listid444597588\listoverridecount0\ls112}}
{\*\listoverride{\listid1612514357\listoverridecount0\ls113}}
{\*\listoverride{\listid-596187606\listoverridecount0\ls114}}
{\*\listoverride{\listid1666442058\listoverridecount0\ls115}}
{\*\listoverride{\listid-2143991169\listoverridecount0\ls116}}
{\*\listoverride{\listid1963101828\listoverridecount0\ls117}}
{\*\listoverride{\listid-605063230\listoverridecount0\ls118}}
{\*\listoverride{\listid-1804255115\listoverridecount0\ls119}}
{\*\listoverride{\listid1737794249\listoverridecount0\ls120}}
{\*\listoverride{\listid-522810173\listoverridecount0\ls121}}
{\*\listoverride{\listid22631482\listoverridecount0\ls122}}
{\*\listoverride{\listid-1822526164\listoverridecount0\ls123}}
{\*\listoverride{\listid324611885\listoverridecount0\ls124}}
{\*\listoverride{\listid-1913697590\listoverridecount0\ls125}}
{\*\listoverride{\listid2084306447\listoverridecount0\ls126}}
{\*\listoverride{\listid1590222743\listoverridecount0\ls127}}
{\*\listoverride{\listid1965304265\listoverridecount0\ls128}}
{\*\listoverride{\listid-578892750\listoverridecount0\ls129}}
{\*\listoverride{\listid-1964310752\listoverridecount0\ls130}}
{\*\listoverride{\listid350670306\listoverridecount0\ls131}}
{\*\listoverride{\listid-233740706\listoverridecount0\ls132}}
{\*\listoverride{\listid1166049499\listoverridecount0\ls133}}
{\*\listoverride{\listid974254386\listoverridecount0\ls134}}
{\*\listoverride{\listid740817600\listoverridecount0\ls135}}
{\*\listoverride{\listid137061076\listoverridecount0\ls136}}
}
\paperw12240 \paperh15840 \margt1080 \margb1080 \margl1080 \margr1080
\headery720 \footery720 \itap0 \cols1
\sectd {\header {
{\trowd \ltrrow \trleft0
\clpadb60 \clpadfb3 \clpadl400 \clpadfl3 \clbrdrt \clbrdrb \brdrcf17 \brdrw20
\brdrs \clbrdrl \trql \clvertalb \clwWidth9380 \cellx9380
\clpadb60 \clpadfb3 \clpadl400 \clpadfl3 \clbrdrt \clbrdrb \brdrcf17 \brdrw20
\brdrs \clbrdrr \trql \clwWidth700 \cellx10080
\intbl
{\b0 \cf1 \f0 \ri0 \i0 \ql \fs18 \li0
{\b0 \cf1 \f0 \ul0 \strike0 \i0 \fs18
}
{\b1 \cf18 \f0 \i0 \fs18
{\b1 \cf18 \f0 \ul0 \strike0 \i0 \fs18 \sa0 \sb0
Joint ventures in the Philippines: overview, Practical Law Country Q&A w-011-6852
(2017)
}
}
{\b0 \cf1 \f0 \ul0 \strike0 \i0 \fs18
}
}\b0 \cf1 \f0 \ri0 \ul0 \strike0 \i0 \ql \fs18 \li0 \sa0 \sb0 \intbl \cell \intbl
{\qr \b0 \cf1 \f0 \ri0 \i0 \fs18 \li0
}\qr \b0 \cf1 \f0 \ri0 \i0 \fs18 \li0 \intbl \cell \row }
{\trowd \lastrow \trleft0
\clbrdrb \clbrdrl \trql \clwWidth10080 \cellx10080
\intbl
{\b0 \cf1 \f0 \ri0 \i0 \ql \fs18 \li0
}\b0 \cf1 \f0 \ri0 \i0 \ql \fs18 \li0 \intbl \cell \row }}\par }{\footer {
{\trowd \lastrow \trleft0
\clpadl60 \clpadfl3 \clbrdrt \brdrcf17 \brdrw20 \brdrs \clbrdrb \clbrdrl \trql
\clvertalb \clwWidth9300 \cellx9300
\clpadl60 \clpadfl3 \clbrdrt \brdrcf17 \brdrw20 \brdrs \clbrdrb \clbrdrr \trql
\clwWidth700 \cellx10000
\intbl
{\b0 \cf17 \f0 \ri0 \i0 \ql \fs20 \li0
{\b0 \cf17 \f0 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u169\'3f 2019 Thomson Reuters. All rights reserved.
}
}\b0 \cf17 \f0 \ri0 \ul0 \strike0 \i0 \ql \fs20 \li0 \sa0 \sb0 \intbl \cell \intbl
{\qr \b0 \cf17 \f0 \ri0 \i0 \fs20 \li0
{\b0 \i0 \ul0 \fs20 \f0 \chpgn }
}\qr \b0 \cf17 \f0 \ri0 \ul0 \strike0 \i0 \fs20 \li0 \intbl \cell \row }}\par }
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 \par}\sect\sbknone\pgncont\cols1{\ids0
{\b0 \cf1 \f5 \i0 \fs20
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf19 \f5 \ri0 \i0 \ql \fs36 \li0
{\b1 \cf19 \f5 \ul0 \strike0 \i0 \fs36 \sa0 \sb0
Joint ventures in the Philippines: overview
\par
}
}
{\b1 \cf38 \f5 \ri0 \i0 \ql \fs20 \li0
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa500 \sb100
by\u160\'3fPerry L. Pe and Andrea Antonette A. Sese-Relucio, Romulo Mabanta
Buenaventura Sayoc & de los Angeles
\par
}
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Country Q&A |
}
{\b0 \cf56 \f5 \i0 \fs20
{\b0 \cf56 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Law stated as at 01-Nov-2017
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa200 \sb293
| International
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf21 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf21 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf21 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf21 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A Q&A guide to joint ventures law in the Philippines.
\par
}
}
}
{\b0 \cf21 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf21 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf21 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf21 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The Q&A gives a high level overview of joint ventures law, including regulation of
joint ventures, types of joint ventures permitted in the jurisdiction, whether
corporate joint ventures are subject to the corporate law, formalities for
formation and registration of joint ventures, statutory limits on duration, anti-
trust rules, termination, rules relating to joint ventures with foreign members,
and incentives. To compare answers across multiple jurisdictions, visit the
}
{\b0 \cf21 \f5 \i1 \fs20
{\field {\*\fldinst HYPERLINK
"https://uk.practicallaw.thomsonreuters.com/QACompare/Builder/Country?
transitionType=Default&contextData=(sc.Default)#/questions" }{\fldrslt
{\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Joint Ventures Country Q&A tool
}}}
}
{\b0 \cf21 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
.
\par
}
}
}
{\b0 \cf21 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf21 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf21 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf21 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
This Q&A is part of the
}
{\b0 \cf21 \f5 \i1 \fs20
{\field {\*\fldinst HYPERLINK
"https://uk.practicallaw.thomsonreuters.com/Browse/Home/International/JointVentures
GlobalGuide?transitionType=Default&contextData=(sc.Default)" }{\fldrslt
{\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Joint Ventures Law Global Guide
}}}
}
{\b0 \cf21 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
.
\par
}
}
}
{\b0 \cf21 \f5 \ul0 \strike0 \i0 \fs20 \sa200 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs28 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs28 \sa0 \sb280
Domestic company joint ventures (JVs)
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Regulation
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q1_1}{\*\bkmkend co_anchor_W_q1_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a786947_1}{\*\bkmkend co_anchor_a786947_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
1.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Are JVs expressly regulated?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
There is no Philippine law that expressly recognises or governs the formation of
JVs.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Instead, courts apply general contract law and the law on partnerships to JVs to
delineate the rights and liabilities of the JV and its component parties
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
(Aurbach v Sanitary Wares Manufacturing Corporation, GR No. 75875, 15 December
1989)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A JV can be regarded as a partnership based on the definition of partnership (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Article 1767, Civil Code
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
) as two or more persons contributing money, property, or industry to a common
fund, with the intention of dividing the profits among themselves.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
While a corporation has no power to enter into a partnership, it can validly enter
into a JV agreement where the nature of that venture is in line with the business
authorised by its charter
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
(Supreme Court in Tuason vs. Bolanos, G.R. No. L-4935, 28 May 1954)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
For the purposes of the Competition Act, a JV is defined as a business arrangement
by which an entity or group of entities contribute capital, services, assets, or a
combination of them to undertake an investment activity or a specific project,
where each entity has the right to control the policies of the activity or project,
with the intention of sharing profits, risks and losses subject to agreement by the
entities
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
(Rule 2, Section (i), Implementing Rules and Regulations of the Philippine
Competition Act)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
An \ldblquote entity\rdblquote is defined as any natural or legal person, sole
proprietorship, partnership, combination or association in any form, whether
incorporated or not, domestic or foreign, including those owned or controlled by
the government, engaged directly or indirectly in any economic activity
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
(Rule 2, Section (h), Implementing Rules and Regulations of the Philippine
Competition Act)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Types
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q2_1}{\*\bkmkend co_anchor_W_q2_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a521886_1}{\*\bkmkend co_anchor_a521886_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
2.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Which types of JV are allowed?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Contractual and corporate JVs are both allowed.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf1 \f5 \i0 \fs20
{\b1 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Contractual joint ventures
\par
}
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Contractual JVs are established by a private contract between the parties, without
the need to register with the Securities and Exchange Commission (SEC). The basic
requirements for a contractual JV are:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls1
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls1 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
The authority to enter into a partnership is expressly conferred by the charter or
the articles of incorporation of the corporation.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls2 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls2
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
The nature of the business venture to be undertaken by the partnership is in line
with the business authorised by the charter or articles of incorporation.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls3 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls3
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
If it is a foreign corporation, it must obtain a licence to transact business in
the country in accordance with the Corporation Code of the Philippines (SEC-OGC
Opinion No. 16-22)
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
Contractual JVs do not have a legal personality separate from the JV members.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf1 \f5 \i0 \fs20
{\b1 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Corporate joint ventures
\par
}
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Corporate JVs are undertaken by the formation of a new domestic corporation that
must be licensed by the SEC. The co-venturers must subscribe to, and pay up, a
certain percentage in the capital stock of the JV company.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Both contractual and corporate JVs are treated by Philippine tax law as corporate
taxpayers for purposes of corporate income tax. However, a JV or consortium formed
for the purpose of undertaking construction projects or engaging in petroleum,
coal, geothermal and other energy operations pursuant to an operating or consortium
agreement under a service contract with the Government is not separately taxed as a
corporate taxpayer
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
(section 22(B) of the National Internal Revenue Code of 1997)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The dividends received by a domestic corporation or a resident foreign corporation
from a domestic corporation (in this case, the JV company) are not subject to
Philippine tax
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
(section 27(D)(4) and section 28(A)(7)(d), National Internal Revenue Code 1997)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
. The same dividends received by a non-resident foreign corporation are subject to
a final withholding tax of 15%, subject to certain conditions
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
(section 28(A)(5)(b), National Internal Revenue Code 1997)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
or to applicable tax-sparing treaties.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q3_1}{\*\bkmkend co_anchor_W_q3_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a358451_1}{\*\bkmkend co_anchor_a358451_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
3.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
What are the principal corporate/company laws governing corporate JVs?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The formation of corporate JVs is governed by the Corporation Code. The Securities
and Exchange Commission (SEC) licences and regulates corporate JVs.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Formation and registration
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q4_1}{\*\bkmkend co_anchor_W_q4_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a284857_1}{\*\bkmkend co_anchor_a284857_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
4.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
What are the typical JV founding documents for a corporate JV?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The corporate JV is created like an ordinary domestic corporation.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The charter documents of a corporate JV are its articles of incorporation and bye-
laws which must both be approved by the Securities and Exchange Commission (SEC).
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The articles of incorporation must specify the following:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls4
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls4 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Name of the corporation.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls5 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls5
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Specific purpose/s for which the corporation is being incorporated.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls6 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls6
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Place in the Philippines where the principal office will be located.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls7 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls7
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Term of the corporation, which must not exceed 50 years.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls8 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls8
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Names of at least five individual incorporators, the majority of whom must be
residents of the Philippines.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls9 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls9
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Names of directors, not less than five and not more than 15, a majority of whom
must also be residents of the Philippines and who must each own at least one share
of stock of the corporation, who must act until the first set of directors has been
duly elected and qualified.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls10 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls10
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Name of a treasurer-in-trust.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls11 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls11
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Amount of the corporation\u8217\'3fs authorised capital stock, in local currency,
the number of shares into which it is divided, and if the shares are par value
shares, the par value of each, the names, nationalities and residences of the
original subscribers, and the amount subscribed and paid by each on subscription.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q5_1}{\*\bkmkend co_anchor_W_q5_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a268409_1}{\*\bkmkend co_anchor_a268409_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
5.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Is the use of foreign language in a JV\rquote s founding documents (both corporate
and contractual) restricted?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
English and Filipino are the official languages for communication. Official
documents, commercial contracts and court pleadings are written in English.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
There are no restrictions for the language of the founding documents although
English is preferred. However, if the language of the document is an unofficial
language, the SEC will require a notarised English translation, duly authenticated
in the Philippine embassy or consulate with jurisdiction over the place of
execution. Further, in litigation, such a document will not be admitted as evidence
unless accompanied by a translation into English or Filipino.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q6_1}{\*\bkmkend co_anchor_W_q6_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a447866_1}{\*\bkmkend co_anchor_a447866_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
6.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Are public officers (for example, public notaries) involved in a JV\rquote s
formation procedure?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The articles of incorporation must be subscribed and sworn before a public notary.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The JV agreement in a contractual JV must also be subscribed and sworn before a
public notary if the capital is more than PHP3,000 or if immovable property or real
rights are contributed.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q7_1}{\*\bkmkend co_anchor_W_q7_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a980060_1}{\*\bkmkend co_anchor_a980060_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
7.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Are JVs registered with any local registries? Are public sector bodies\rquote
authorisations required for a JV\rquote s establishment?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
Local registries
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The corporate JV must first be licensed by the Securities and Exchange Commission
(SEC) and subsequently registered with the:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls12
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls12 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Bureau of Internal Revenue as a corporate taxpayer with its own taxpayer
identification number.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls13 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls13
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Local government unit (city) where it has its principal office.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls14 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls14
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Social Security System, Philippine Health Insurance Corporation and the Home
Development Mutual Fund (as an employer).
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Further, the foreign equity investment must be registered with the Central Bank
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Bangko Sentral ng Pilipinas
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
to allow the corporate JV to access foreign exchange from the Philippine banking
system for the payment of dividends and repatriation of investment.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Contractual JV agreements do not have to be registered with the SEC.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Qualified JVs (both corporate and contractual) can register with the Board of
Investments or the Philippine Economic Zone Authority to take advantage of fiscal
and non-fiscal incentives.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Public sector bodies
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A JV, whether corporate or contractual, is considered a merger and as such
regulated by the Philippine Competition Commission (PCC) in accordance with the
Competition Act.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A merger requires notification to the PCC before the execution of definitive
agreements if either the value of the assets to be combined or contributed to the
JV or the gross revenues generated by the combined or contributed assets will
exceed PHP1 billion
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
(rule 4, section 3(d), Implementing Rules and Regulations of the Competition Act)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The parties must not conclude the transaction before the expiry of the relevant
waiting periods and/or the approval of the PCC (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
section 2(b)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
). A transaction that meets the thresholds and does not comply with the
notification requirements and waiting periods will be considered void and will
subject the parties to an administrative fine of 1% to 5% of the value of the
transaction (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
section 3(f)g
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
).
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q8_1}{\*\bkmkend co_anchor_W_q8_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a893728_1}{\*\bkmkend co_anchor_a893728_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
8.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
What other formal requirements must be complied with to validly constitute a JV?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
In a contractual JV, if immovable property or real rights are contributed, the JV
agreement must also be sworn and subscribed to by the parties before a public
notary.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
If land is being contributed as equity capital by a party to the JV, the capital
contribution can be annotated on the certificate of title of the land. This will
serve as a notice against the whole world in case the land is alienated in the
course of the JV.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Permitted markets
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q9_1}{\*\bkmkend co_anchor_W_q9_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a402482_1}{\*\bkmkend co_anchor_a402482_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
9.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Can the JV structure be used in every industry sector? Are there any restrictions
to be considered and carefully assessed before investing in a JV?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
There are investment areas or industry sectors which the Constitution, existing
laws or public policy reserve only to Philippine nationals.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Foreign Investments Act of 1991
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
defines a Philippine national as any one of the following:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls15
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls15 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
A citizen of the Philippines.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls16 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls16
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
A domestic partnership or association wholly owned by citizens of the Philippines.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls17 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls17
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
A corporation organised under the laws of the Philippines of which at least 60% of
the capital stock outstanding and entitled to vote is owned and held by citizens of
the Philippines.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls18 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls18
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
A corporation organised abroad and registered as doing business in the Philippines
under the Corporation Code, of which 100% of the capital stock outstanding and
entitled to vote is wholly owned by Filipinos.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls19 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls19
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
A trustee of funds for pension or other employee retirement or separation benefits,
where the trustee is a Philippine national and at least 60% of the fund will accrue
to the benefit of Philippine nationals.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The Securities and Exchange Commission (SEC) ruled that for corporations that are
engaged in activities which are wholly or partially reserved to Filipinos, the
minimum percentage of Filipino equity must be applied to both the (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Memorandum Circular No. 8, 2013 series
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
):
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls20
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls20 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Total number of outstanding shares of stock, entitled to vote in the election of
directors.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls21 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls21
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Total number of outstanding shares of stock, whether or not entitled to vote in the
election of directors.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The investment areas below are wholly or partially reserved to Philippine nationals
under the 1987 Constitution and applicable laws and regulations (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Tenth Foreign Investment Negative List issued by the President of the Philippines
in May 2015
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
).
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf1 \f5 \i0 \fs20
{\b1 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
No foreign equity:
\par
}
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls22
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls22 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Mass media except recording.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls23 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls23
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Practice of the following professions.
\par {\pntext }
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0
\ls24 \pnindent480 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0
\i0 \qj \fs20 \li960 \u8226\'3f\tab }\ls24 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li960
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
pharmacy;
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls25 \pnindent480 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960 \u8226\'3f\tab }\ls25
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li960
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
radiologic and x-ray technology;
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls26 \pnindent480 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960 \u8226\'3f\tab }\ls26
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li960
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
criminology;
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls27 \pnindent480 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960 \u8226\'3f\tab }\ls27
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li960
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
forestry;
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls28 \pnindent480 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960 \u8226\'3f\tab }\ls28
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li960
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
law (only individuals can practise).
\par {\pntext }
}
}
}
}{\pntext }
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li580
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls29 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls29
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Retail trade enterprises with paid-up capital of less than US$2.5 million.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls30 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls30
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Private security agencies.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls31 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls31
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Small-scale mining.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls32 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls32
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Utilisation of marine resources in archipelagic waters, territorial sea, and
exclusive economic zone as well as small-scale utilisation of natural resources in
rivers, lakes, bays, and lagoons.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls33 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls33
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Ownership, operation and management of cockpits.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls34 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls34
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Manufacture, repair, stockpiling and/or distribution of nuclear weapons, or
biological, chemical and radiological weapons and anti-personnel mines.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls35 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls35
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Manufacture of firecrackers and other pyrotechnic devices.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf1 \f5 \i0 \fs20
{\b1 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
Up to 20% foreign equity:
\par
}
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Private radio communications network.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf1 \f5 \i0 \fs20
{\b1 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Up to 25% foreign equity:
\par
}
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls36
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls36 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Private recruitment, whether for local or overseas employment.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls37 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls37
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Contracts for the construction and repair of locally-funded public works, except
for
\par {\pntext }
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0
\ls38 \pnindent480 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0
\i0 \qj \fs20 \li960 \u8226\'3f\tab }\ls38 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li960
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
infrastructure/development projects;
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls39 \pnindent480 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960 \u8226\'3f\tab }\ls39
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li960
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
projects which are foreign funded or assisted and required to undergo international
competitive bidding (where 100% foreign equity is allowed).
\par {\pntext }
}
}
}
}{\pntext }
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li580
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls40 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls40
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Under current rules of the Construction Industry Association of the Philippines, a
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Regular License with Annotation
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
can be issued by the Construction Accreditation Board to domestic contractor
corporations with 100% foreign equity, provided that the corporation has a minimum
capitalisation of PHP1 billion. Holders of this licence can undertake the following
projects:
\par {\pntext }
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0
\ls41 \pnindent480 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0
\i0 \qj \fs20 \li960 \u8226\'3f\tab }\ls41 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li960
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
vertical projects with a minimum value of PHP5 billion including office or
residential condominiums, hotels, malls, hospitals, schools, warehouses, airport
terminals, marine terminals, international transport terminals, power generation
plants, manufacturing and assembly facilities, tourism resorts, country clubs, and
golf courses;
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls42 \pnindent480 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960 \u8226\'3f\tab }\ls42
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li960
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
horizontal projects with a minimum value of PHP3 billion including roads,
expressways, toll road systems, light rail systems, heavy rail systems, monorail
systems, water distribution systems, bulk water systems, sewage and sewerage
systems, power transmission and power distribution systems, telecommunications
distribution systems, bridges, flyovers, viaducts, overhead carriageways, storm
cisterns, dams, dikes, seawalls and breakwater system, and reclamation projects;
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls43 \pnindent480 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960 \u8226\'3f\tab }\ls43
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li960
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
contracts for the construction of defence-related structures.
\par {\pntext }
}
}
}
}{\pntext }
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li580
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf1 \f5 \i0 \fs20
{\b1 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
Up to 30% foreign equity
\par
}
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Advertising.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf1 \f5 \i0 \fs20
{\b1 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Up to 40% foreign equity
\par
}
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls44
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls44 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Exploration, development and utilisation of natural resources.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls45 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls45
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Ownership of private lands.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls46 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls46
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Operation of public utilities.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls47 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls47
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Educational institutions other than those established by religious groups and
mission boards.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls48 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls48
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Culture, production, milling, processing, trading except retailing, of rice and
corn and acquiring, by barter, purchase or otherwise, rice and corn and their by-
products.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls49 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls49
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Contracts for the supply of materials, goods and commodities to a government-owned
or controlled corporation, company, agency or municipal corporation.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls50 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls50
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Facility operator of an infrastructure or a development facility requiring a public
utility franchise.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls51 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls51
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Operation of deep sea commercial fishing vessels.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls52 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls52
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Ownership of condominium units.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls53 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls53
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Manufacture, repair, storage, and/or distribution of products and/or ingredients
requiring Philippine National Police clearance.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls54 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls54
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Manufacture, repair, storage, and/or distribution of products and/or ingredients
requiring Department of National Defense clearance.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls55 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls55
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Manufacture and distribution of dangerous drugs
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls56 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls56
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Sauna and steam bathhouses, massage clinics and other similar activities regulated
by law because of risks posed to public health and morals.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls57 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls57
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
All forms of gambling.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls58 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls58
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Domestic market enterprises with paid-in equity capital of less than the equivalent
of US$200,000.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls59 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls59
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Domestic market enterprises with paid-in equity capital of less than the equivalent
of US$100,000 which:
\par {\pntext }
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0
\ls60 \pnindent480 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0
\i0 \qj \fs20 \li960 \u8226\'3f\tab }\ls60 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li960
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
involve advanced technology; or
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls61 \pnindent480 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960 \u8226\'3f\tab }\ls61
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li960
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li960
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
employ at least 50 direct employees.
\par {\pntext }
}
}
}
}{\pntext }
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li580
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Non-Philippine nationals can engage in an export enterprise in which a
manufacturer, processor or service, including tourism, exports 60% or more of its
output, or a trader purchases products that are domestically manufactured
}
{\b1 \cf1 \f5 \i0 \fs20
{\b1 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0

}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
and exports 60% or more of them.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Non-Philippine nationals cannot own or hold land anywhere in the Philippines.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Purpose
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q10_1}{\*\bkmkend co_anchor_W_q10_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a375692_1}{\*\bkmkend co_anchor_a375692_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
10.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Can a JV be established with any purpose?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
See
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0

}
{\field {\*\fldinst HYPERLINK "#co_anchor_a402482_1" }{\fldrslt
{\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Question 9
}}}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Share capital and participation
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q11_1}{\*\bkmkend co_anchor_W_q11_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a154619_1}{\*\bkmkend co_anchor_a154619_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
11.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
What possible forms of participation are there in a JV\rquote s share capital? How
can a JV member contribute and are there statutory limits on the possibility to
make contributions in kind?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
Forms of participation
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Following the definition of a partnership, parties to a JV can contribute money,
property, or industry to a common fund.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
In a corporate JV where the parties contribute equity, subscription to stock of the
corporate JV must be in the form of either cash or property.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
Contributions
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Other than cash, the following properties can be used as payment for subscription
of shares of stock in a corporate JV:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls62
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls62 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Land, whether registered or unregistered.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls63 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls63
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Building, including condominium units.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls64 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls64
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Personal properties and furniture.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls65 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls65
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Heavy equipment and machinery.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls66 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls66
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Shares of stock.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls67 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls67
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Motor vehicle.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls68 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls68
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Sea vessel or aircraft.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls69 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls69
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Intangibles, such as intellectual property rights or mining rights.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls70 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls70
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Conversion of existing debt to equity.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
If the JV involves the transfer by one party to another of systematic knowledge for
the manufacture of a product, the application of a process, or the rendering of a
service, including management contracts, or the transfer, assignment, or licensing
of intellectual property rights except software developed for the mass market, the
JV is deemed to be a technology transfer arrangement governed by the Intellectual
Property Code of the Philippines. Registration of the agreement with the
Intellectual Property Office is optional, provided that the JV agreement contains
the mandatory clauses and excludes the prohibited clauses.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q12_1}{\*\bkmkend co_anchor_W_q12_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a829551_1}{\*\bkmkend co_anchor_a829551_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
12.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Can a corporate JV\rquote s share capital be denominated in a foreign currency?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The Corporation Code requires the par value of the shares of the corporate JV to be
in Philippine pesos.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Duration and limits on membership
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q13_1}{\*\bkmkend co_anchor_W_q13_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a557294_1}{\*\bkmkend co_anchor_a557294_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
13.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Are there statutory limits on a JV\rquote s duration?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A corporate JV can exist for a period not exceeding 50 years, unless extended by an
amendment in the articles of incorporation.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A contractual JV can exist for the term or purpose stated in the contract.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q14_1}{\*\bkmkend co_anchor_W_q14_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a347327_1}{\*\bkmkend co_anchor_a347327_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
14.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Are there statutory limits on the number of members participating in a JV?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
There is no limit in the number of co-venturers in a JV, except that the total
foreign equity in the JV company may trigger foreign equity restrictions in
reserved investment areas and industries (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
see
}
{\field {\*\fldinst HYPERLINK "#co_anchor_a402482_1" }{\fldrslt
{\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Question 9)
}}}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Public sector bodies
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q15_1}{\*\bkmkend co_anchor_W_q15_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a162281_1}{\*\bkmkend co_anchor_a162281_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
15.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Can a public sector body enter into a JV agreement? Subject to what conditions? In
particular, do public private partnerships (PPP) laws and regulations apply?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A public sector body (that is, government entity) can enter into a JV with a
private party, subject to applicable foreign equity limitations depending on the
activity to be undertaken.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
2013 Revised Guidelines and Procedures for Entering into Joint Venture Agreements
between Government and Private Entities
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
, issued by the National Economic Development Authority, govern the formation of
JVs between the government and the private sector. It recognises both corporate and
contractual JVs and provides for a general preference for corporate JVs.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Republic Act No. 6957, as amended by Republic Act No. 7718, and its implementing
rules and regulations (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Build-Operate-and-Transfer (BOT)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Law) allow for public private partnerships for qualified infrastructure and
development projects. The BOT law permits the following JV schemes:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls71
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls71 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Build-Operate-and-Transfer (BOT):
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
a contractual arrangement under which the contractor undertakes the construction,
including financing, of a given infrastructure facility, and of its operation and
maintenance. The BOT scheme includes a supply-and-operate contractual arrangement
where the supplier of equipment and machinery (if the interest of the government so
requires) operates the facility and provides technology transfer and training to
Filipino nationals.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls72 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls72
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Build-and-Transfer Scheme (BT):
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
the contractor undertakes the construction, including financing, of a given
infrastructure facility, and its turnover after completion to the government agency
or local government unit concerned which pays the contractor its total investment
on the project, plus a reasonable rate of return. This arrangement can be used in
the construction of any infrastructure project including critical facilities which,
for security or strategic reasons, must be operated directly by the government.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls73 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls73
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Build-Own-Operate (BOO):
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
a project proponent is authorised to finance, construct, own, operate and maintain
an infrastructure or development facility from which the proponent is allowed to
recover its total investment, operating and maintenance costs plus a reasonable
return by collecting tolls, fees, rentals and other charges from facility users.
Under this scheme, the proponent which owns the assets of the facility can assign
its operation and maintenance to a facility operator. A facility operator is
defined as a company registered with the SEC which may or may not be the project
proponent, and which is responsible for all aspects of operation and maintenance of
the infrastructure or development facility, including but not limited to the
collection of tolls, fees, rentals or charges from facility users. If the facility
requires a public utility franchise, the facility operator must be Filipino or at
60% owned by Filipinos.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls74 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls74
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Build-Lease-Transfer (BLT)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
: a project proponent is authorised to finance and construct an infrastructure or
development facility and on its completion turns it over to the government agency
or local government unit concerned on a lease arrangement for a fixed period after
which ownership of the facility is automatically transferred to the government
agency or local government unit concerned.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls75 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls75
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Build-Transfer-and-Operate (BTO):
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
the public sector contracts out the building of an infrastructure facility to a
private entity such that the contractor builds the facility on a turn-key basis,
assuming cost overrun, delay, and specified performance risks. Once the facility is
commissioned satisfactorily, title is transferred to the implementing agency. The
private entity however, operates the facility on behalf of the implement agency
under an agreement.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls76 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls76
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Contract-Add-and-Operate (CAO):
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
the project proponent adds to an existing infrastructure facility which it is
renting from the government. It operates the expanded project over an agreed
franchise period. There may be a transfer arrangement in regard to the facility.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls77 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls77
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Develop-Operate-and-Transfer (DOT):
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
the favourable conditions external to a new infrastructure project which is to be
built by a private project proponent are integrated into the arrangement by giving
that entity the right to develop adjoining property, and thus, enjoy some of the
benefits the investment creates such as higher property or rent values.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls78 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls78
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Rehabilitate-Operate-and-Transfer (ROT):
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
an existing facility is
}
{\b1 \cf1 \f5 \i0 \fs20
{\b1 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
[##transferred]
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
to a private sector to refurbish, operate and maintain for a franchise period, at
the expiry of which the legal title to the facility is
}
{\b1 \cf1 \f5 \i0 \fs20
{\b1 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
[##transferred back]
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
to the government. The term is also used to described the purchase of an existing
facility from abroad, importing, refurbishing, erecting and consuming it within the
host country.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls79 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls79
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Rehabilitate-Own-and-Operate (ROO):
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
an existing facility is turned over to the private sector to refurbish and operate
with no time limit imposed on ownership. As long as the operator is not in
violation of its franchise, it can continue to operate the facility in perpetuity.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb680
Non-competition and anti-trust clauses
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q16_1}{\*\bkmkend co_anchor_W_q16_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a502292_1}{\*\bkmkend co_anchor_a502292_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
16.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Are there statutory constraints on the use of non-competition or anti-trust clauses
in a JV agreement?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
During period of effectiveness
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A non-competition clause to be effective during the JV can be included in the JV
agreement between the parties.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Following termination
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A non-competition clause that is to be effective on the termination of the JV must
be valid, provided that it does not constitute an unreasonable restraint of trade.
Jurisprudence holds that a non-competition clause is reasonable if it sets a
limitation on the particular type, time and place of the business activity being
restrained.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
De facto company/partnership
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q17_1}{\*\bkmkend co_anchor_W_q17_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a122887_1}{\*\bkmkend co_anchor_a122887_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
17.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Must the contractual JV satisfy any conditions to avoid falling within the
definition of de facto company/partnership?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The Supreme Court has ruled that a corporate entity formed must be a JV rather than
a corporation to be governed by the laws on partnership.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The following circumstances led the Supreme Court to hold that the parties
contemplated a JV rather than a corporation (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Aurbach v Sanitary Wares Manufacturing Corporation
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
(
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
GR No. 75875, 15 December 1989)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
):
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls80
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls80 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Requiring a vote of seven out of nine directors in certain enumerated corporate
acts.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls81 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls81
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Designating a member of the Executive Committee and requiring a vote of this member
for certain transactions.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls82 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls82
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Using the word \ldblquote designated\rdblquote and not \ldblquote
nominated\rdblquote or \ldblquote elected\rdblquote in describing the selection
of members of the board of directors.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls83 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls83
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Referring to the entity as a \ldblquote joint venture\rdblquote rather than a
corporation.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls84 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls84
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Providing for a fixed number of directors on the board
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
In another case, the Supreme Court held that a \ldblquote consortium\rdblquote is
not a JV when there is no community of interest, a sharing of risks, profits, or
losses, or even a representation from the members of the consortium that they have
come together to form such consortium. In that case, there was no JV agreement or
similar instrument executed by the parties to the consortium. The only documentary
evidence adduced to prove the existence of a JV was a statement of one party that
it represented the consortium but this was not supported by a declaration from the
other parties that they authorise the other to bind them (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Information Technology Foundation of the Philippines v Commission on Elections (GR
No. 159139, 13 January 2004)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
).
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
In
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Kilosbayan In. v Guingona, Jr
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
(
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
GR No. 113375, 5 May 1995)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
, the Supreme Court ruled that a contract of lease actually constituted a JV when
the provisions of the contract showed that both parties participated in the profits
and equally bore the risk of loss in an online lottery system that was supposed to
be the subject of the lease.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
In
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Philex Mining Corp v Commissioner of Internal Revenue (GR No. 148187, 16 April 2008
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
), the Supreme Court treated as a JV agreement a special power of attorney that
identified the parties as \ldblquote principal\rdblquote and \ldblquote
manager\rdblquote , respectively. The court concluded this way because the power of
attorney in fact established a common fund and a joint interest in the profits of
the business by way of a 50-50 sharing in the income of the subject mining project.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Limiting member liability
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q18_1}{\*\bkmkend co_anchor_W_q18_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a927932_1}{\*\bkmkend co_anchor_a927932_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
18.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Can a JV agreement provide that a JV member can participate without incurring any
risk, loss or reward?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The co-venturers can agree on the share of each party to the capital, profits, or
losses of the JV. However, as far as third parties are concerned, all partners are
jointly and severally liable with the partnership for everything chargeable to the
partnership, including loss or injury caused to a third person, or penalties
incurred due to any wrongful act or omission of any partner acting in the ordinary
course of the business of the partnership or with the authority of their co-
partners
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
(J Tiosejo Investment v Ang GR No. 174149, 8 September 2010)
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Anti-trust
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q19_1}{\*\bkmkend co_anchor_W_q19_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a189869_1}{\*\bkmkend co_anchor_a189869_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
19.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Do any anti-trust rules, guidelines or policies apply to a JV agreement?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Technology transfer arrangements must not contain any clauses that (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Intellectual Property Code of the Philippines, section 87
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
):
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls85
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls85 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Impose on the licensee the obligation to acquire from a specific source capital
goods, intermediate products, raw materials, and other technologies, or of
employing personnel indicated by the licensor.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls86 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls86
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Allow the licensor reserves the right to fix the sale or resale prices of the
products manufactured on the basis of the licence.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls87 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls87
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Contain restrictions regarding the volume and structure of production.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls88 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls88
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Prohibit the use of competitive technologies in a non-exclusive technology transfer
arrangement.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls89 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls89
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Establish a full or partial purchase option in favour of the licensor.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls90 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls90
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Obligate the licensee to transfer for free to the licensor the inventions or
improvements that can be obtained through the use of the licensed technology.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls91 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls91
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Require payment of royalties to the owners of patents for patents which are not
used.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls92 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls92
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Prohibit the licensee to export the licensed product unless justified for the
protection of the legitimate interest of the licensor such as exports to countries
where exclusive licences to manufacture and/or distribute the licensed product(s)
have already been granted.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls93 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls93
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Restrict the use of the technology supplied after the expiration of technology
transfer arrangement, except in cases of early termination of the technology
transfer arrangement due to reason(s) attributable to the licensee.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls94 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls94
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Require payments for patents and other industrial property rights after the
expiration or termination of the technology transfer arrangement.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls95 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls95
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Require that the technology recipient does not contest the validity of any patents
of the technology supplier.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls96 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls96
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Restrict the research and development activities of the licensee designed to absorb
and adapt the transferred technology to local conditions or to initiate research
and development programs in connection with new products, processes or equipment.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls97 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls97
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Prevent the licensee from adapting the imported technology to local conditions, or
introducing innovation to it, as long as it does not impair the quality standards
prescribed by the licensor.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls98 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls98
{\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Exempt the licensor from liability for non-fulfilment of his/her responsibilities
under the technology transfer arrangement and/or liability arising from third party
suits brought about by the use of the licensed product or the licensed technology.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb680
Governance and limits on directors
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q20_1}{\*\bkmkend co_anchor_W_q20_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a279485_1}{\*\bkmkend co_anchor_a279485_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
20.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Can the parties to a JV freely regulate the JV or are they subject to certain
restrictions?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Since the JV is essentially a contract, the law allows the contracting parties such
stipulations, clauses, terms and conditions as they may deem convenient, provided
they are not contrary to law, morals, good customs, public order, or public policy.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Other than contract law, partnership laws govern the relations between the parties
in the absence of any specific provision in the JV agreement.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
In a corporate JV, the Corporation Code requires the affirmative vote of at least
two thirds of the outstanding capital stock at a meeting duly called for the
following purposes:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls99
\pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj
\fs20 \li480 \u8226\'3f\tab }\ls99 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Amendment of articles of incorporation.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls100 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls100 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Removal of directors.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls101 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls101 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Ratification a contract of a director/officer with the corporation.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls102 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls102 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Extension or shortening the corporate term.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls103 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls103 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Increase or decrease of the capital stock.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls104 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls104 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Incurring, creating or increasing bonded indebtedness.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls105 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls105 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Sale, lease, exchange, mortgage, pledge of all or substantially all the corporate
assets.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls106 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls106 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Investment of corporate funds in another corporation or for any purpose other than
the primary purpose for which the corporation was organised.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls107 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls107 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Issuance of stock dividends.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls108 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls108 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Delegation to board of directors of the power to amend or repeal the bye-laws or
adopt new bye-laws.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls109 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls109 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Approval or amendment of a plan of merger or consolidation.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls110 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls110 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Dissolution of a corporation.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
The following acts require the vote of shareholders:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0
\ls111 \pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0
\i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls111 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Election of directors.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls112 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls112 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Execution of management contracts.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls113 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls113 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Adoption, amendment or repeal of bye-laws.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls114 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls114 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Revocation of the power given to the board of directors to amend or repeal the bye-
laws.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
A company must declare dividends when its retained earnings are in excess of 100%
of its paid-in capital stock, except when:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0
\ls115 \pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0
\i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls115 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Justified by definite corporate expansion projects or programs approved by the
board.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls116 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls116 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
The corporation is prohibited under any loan agreement with any financial
institution or creditor, whether local or foreign, from declaring dividends without
its consent, and such consent has not been secured.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls117 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls117 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
It can be clearly shown that such retention is necessary under special
circumstances, such as when there is a need for special reserve for probable
contingencies.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q21_1}{\*\bkmkend co_anchor_W_q21_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a604876_1}{\*\bkmkend co_anchor_a604876_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
21.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Are there limits or restrictions on the eligibility of an individual as a member of
the board of directors/statutory auditor?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The majority of the board of directors of must also appoint a:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0
\ls118 \pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0
\i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls118 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
President, who must be a director.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls119 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls119 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Treasurer who may or may not be a director.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls120 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls120 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Corporate secretary who must be a resident and citizen of the Philippines.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
Two or more positions can be held concurrently by the same person, except that no
one can act as president and secretary or as president and treasurer at the same
time.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Termination
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q22_1}{\*\bkmkend co_anchor_W_q22_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a485203_1}{\*\bkmkend co_anchor_a485203_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
22.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
What legal regime applies to a JV\rquote s termination? Can a JV be terminated for
just cause on request of one party?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
In a corporate JV, dissolution may be effected by the affirmative vote of the
stockholders owning at least two-thirds of the outstanding capital stock.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
In a contractual JV, the agreement can provide for causes of termination or a term
or particular undertaking, the fulfilment of which will result in the termination.
If no term or undertaking is specified, the JV can also be terminated by the
exercise in good faith by any partner of the power to withdraw from the JV at will.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q23_1}{\*\bkmkend co_anchor_W_q23_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a260947_1}{\*\bkmkend co_anchor_a260947_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
23.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Is the termination of a JV agreement subject to any public sector body\rquote s
approval?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A corporate JV must be dissolved on the recommendation of the SEC. Its tax
liabilities must also be assessed and cleared by the Bureau of Internal Revenue.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A contractual JV must be dissolved, its going concern wound up, and is assets
liquidated in accordance with the terms of the JV agreement or the applicable law
on partnership.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Choice of law and jurisdiction
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q24_1}{\*\bkmkend co_anchor_W_q24_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a159769_1}{\*\bkmkend co_anchor_a159769_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
24.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Are there constraints on the choice of the law and the jurisdiction applicable to a
JV?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A choice of a foreign substantive law is generally recognised and given effect
under Philippine law, provided that:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0
\ls121 \pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0
\i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls121 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
The contract has a substantial connection with the law chosen.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls122 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls122 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
The contract\rquote s provisions are not against prohibitive laws of the
Philippines, public order, public policy, or good customs.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
However, for litigation in the Philippines, the foreign substantive law must be
proven in court. Otherwise, the court must assume that the foreign substantive law
is the same as Philippine law. The chosen law must also have a connection to the
contract. This connection may arise from the place of the execution of the
contract, place of performance, situs of the subject matter of the contract, or the
place of incorporation, place of business, or domicile of the contracting parties.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A contract can also stipulate a forum chosen by the parties, other than Philippine
courts, which will decide on disputes and claims arising out of the contract.
However, the stipulation will not deprive Philippine courts of jurisdiction over a
subject matter if the court believes that it is a convenient court to which the
parties may resort, if it is in a position to make an intelligent decision as to
the law and the facts of the case, and if it has the power to enforce a decision.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs28 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs28 \sa0 \sb280
JVs with foreign members
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Validity and authorisation
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q25_1}{\*\bkmkend co_anchor_W_q25_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a824472_1}{\*\bkmkend co_anchor_a824472_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
25.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
What are the rules relating to validity and authorisation of JVs with foreign
parties?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
Validity
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
JVs with foreign parties are allowed, provided that they comply with applicable
foreign equity restrictions (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
see
}
{\field {\*\fldinst HYPERLINK "#co_anchor_a980060_1" }{\fldrslt
{\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Question 7
}}}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
).
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
Limits
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Certain investment areas or business activities are reserved for Philippine
nationals (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
see
}
{\field {\*\fldinst HYPERLINK "#co_anchor_a402482_1" }{\fldrslt
{\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Question 9
}}}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
).
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
In a contractual JV, a Philippine national partnership is one where the partnership
is wholly owned by citizens of the Philippines.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
In a corporate JV, a Philippine national is one of the following:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0
\ls123 \pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0
\i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls123 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
A corporation set up under the laws of the Philippines of which at least 60% of the
capital stock outstanding and entitled to vote is owned and held by citizens of the
Philippines.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls124 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls124 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
A corporation set up abroad and registered as doing business in the Philippines
under the Corporation Code of which 100% of the capital stock outstanding and
entitled to vote is wholly owned by Filipinos.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb680
Authorisation
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
In the case of a corporate JV, a declaration must be made before the SEC if there
is a foreign participation in the corporate JV.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Effect of foreign membership
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q26_1}{\*\bkmkend co_anchor_W_q26_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a739292_1}{\*\bkmkend co_anchor_a739292_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
26.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Are any of the rules relating to domestic company JVs (
}
{\b0 \cf1 \f5 \i1 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
see Questions 1 to 24
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
) different for JVs with members incorporated under, or governed by, the laws of a
foreign country?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
See
}
{\b0 \cf1 \f5 \i1 \fs20
{\field {\*\fldinst HYPERLINK "#co_anchor_a402482_1" }{\fldrslt
{\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Question 9
}}}
{\b0 \cf1 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
.
\par
}
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Economic or financial incentives
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q27_1}{\*\bkmkend co_anchor_W_q27_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a760627_1}{\*\bkmkend co_anchor_a760627_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
27.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Are there economic or financial incentives for foreign direct investments in a JV?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Registered enterprises can take advantage of the incentives offered by either the
Philippine Economic Zone Authority (PEZA) or the Board of Investments (BOI).
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
The incentives offered to PEZA registrants include:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0
\ls125 \pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0
\i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls125 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Income tax holiday for four years.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls126 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls126 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
After the income tax holiday, special income tax rate of 5% of gross income, in
lieu of all national and local taxes except real property taxes on land.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls127 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls127 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Exemption from import duties on machinery and equipment.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls128 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls128 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Zero-rated VAT during the income tax holiday and exemption from VAT after the
income tax holiday.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls129 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls129 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Additional deduction from taxable income equivalent to half of the value of
training expenses incurred in developing skilled or unskilled labour or for
managerial development programs.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls130 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls130 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Exemption from local business taxes and local business permits.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb200
The incentives offered to BOI registrants include:
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0 {\fi-360 \li {\*\pn \pnlvlblt \ilvl0
\ls131 \pnindent0 \pnf1 {\f2 \pntxtb \u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0
\i0 \qj \fs20 \li480 \u8226\'3f\tab }\ls131 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Income tax holiday of four years from the start of commercial operations.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls132 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls132 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
After the income tax holiday, BOI registrants are covered by the regular income tax
regime. However, they can also apply for PEZA registration and convert their BOI
registration to PEZA registration to enjoy that scheme\rquote s preferential income
tax rates after their income tax holiday.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls133 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls133 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Zero-rated import duties on machinery and equipment.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls134 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls134 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Zero-rated VAT for enterprises that export 100% of their services.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls135 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls135 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Additional deduction from taxable income equivalent to 50% of the wages of
additional skilled and unskilled workers in the direct labour force.
\par {\pntext }
}
}
}
}{\fi-360 \li {\*\pn \pnlvlblt \ilvl0 \ls136 \pnindent0 \pnf1 {\f2 \pntxtb
\u8226\'3f}}{\listtext \b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
\u8226\'3f\tab }\ls136 {\pntext }
{\pard }\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li480
{\b0 \cf1 \f5 \ri0 \i0 \ql \fs20 \li480
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa120 \sb0
Employment of foreign nationals in supervisory, technical, or advisory positions
for a period of five years from the date of registration.
\par {\pntext }
}
}
}
}
}
{\b0 \cf1 \f5 \ri100 \i0 \qj \fs20 \li100
}
}
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf20 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf20 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb680
Minimum investments/contributions
\par
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb460 \clpadfb3 \clpadl460 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_W_q28_1}{\*\bkmkend co_anchor_W_q28_1}
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart co_anchor_a831954_1}{\*\bkmkend co_anchor_a831954_1}
\par
}
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \ri620 \i0 \qj \fs20 \li620
{\b0 \cf1 \f5 \i0 \fs20
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
28.
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Are there mandatory minimum equity investments or contributions in kind thresholds
for a foreign JV member?
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
}
}\b0 \cf1 \f5 \ri620 \ul0 \strike0 \i0 \qj \fs20 \li620 \sa0 \sb0 \intbl \cell \row
}}\par
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Subject to the foreign ownership restrictions previously discussed, there is a
minimum but not a maximum equity investment or required contribution for a foreign
co-venturer, depending on the extent of its equity ownership.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A corporate JV that seeks to engage in business as a domestic market enterprise
with between 40% and 100% foreign equity must have a paid-in equity capital of at
least US$200,000 or at least US$100,000 provided the enterprise involves an
advanced technology as declared by the government or employs at least 50 direct
employees.
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
A domestic market enterprise is one which produces goods for sale, or renders
services, to the domestic market entirely, or in case of exporting a portion of its
output, it consistently exports under 60%].
\par
}
}
}
{\b0 \cf1 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
}{
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb600 \clpadfb3 \clpadl600 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf38 \f5 \ri0 \i0 \qj \fs28 \li0
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs28 \sa0 \sb0
The regulatory authorities
\par
}
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Securities and Exchange Commission
\par
}
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \i0 \fs20
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Main activities
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
. Regulates and supervises, and grants licences to, corporations and partnerships.
\par
}
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \i0 \fs20
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
W
}
}
{\b0 \cf38 \f5 \i1 \fs20
{\field {\*\fldinst HYPERLINK "http://www.sec.gov.ph" }{\fldrslt
{\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
www.sec.gov.ph
}\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0 }}
{\b0 \cf38 \f5 \ul0 \strike0 \i1 \fs20
\par
}
}
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Board of Investments
\par
}
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \i0 \fs20
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Main activities.
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Administers incentives for enterprises registered with it.
\par
}
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \i0 \fs20
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
W
}
}
{\b0 \cf38 \f5 \i1 \fs20
{\field {\*\fldinst HYPERLINK "http://www.investphilippines.gov.ph" }{\fldrslt
{\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
www.investphilippines.gov.ph
}\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0 }}
{\b0 \cf38 \f5 \ul0 \strike0 \i1 \fs20
\par
}
}
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Philippine Economic Zone Authority
\par
}
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \i0 \fs20
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Main activities.
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Registers and administers incentives for enterprises located in special economic
zones
\par
}
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \i0 \fs20
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
W
}
}
{\b0 \cf38 \f5 \i1 \fs20
{\field {\*\fldinst HYPERLINK "http://www.peza.gov.ph" }{\fldrslt
{\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
www.peza.gov.ph
}\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0 }}
{\b0 \cf38 \f5 \ul0 \strike0 \i1 \fs20
\par
}
}
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}\b0 \cf38 \f5 \ri0 \ul0 \strike0 \i0 \qj \fs20 \li0 \sa0 \sb0 \intbl \cell
\row }}\par {
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb600 \clpadfb3 \clpadl600 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf38 \f5 \ri0 \i0 \qj \fs28 \li0
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs28 \sa0 \sb0
Online resources
\par
}
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Corporation Code
\par
}
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \i0 \fs20
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
W
}
}
{\b0 \cf38 \f5 \i1 \fs20
{\field {\*\fldinst HYPERLINK "http://www.officialgazette.gov.ph/1980/05/01/batas-
pambansa-bilang-68/" }{\fldrslt
{\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
www.officialgazette.gov.ph/1980/05/01/batas-pambansa-bilang-68/
}\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0 }}
{\b0 \cf38 \f5 \ul0 \strike0 \i1 \fs20
}
}
{\b1 \cf38 \f5 \i0 \fs20
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20
\par
}
}
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \i0 \fs20
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Description.
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
This is a link to the text of the Corporation Code of the Philippines
}
{\b1 \cf38 \f5 \i0 \fs20
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
.
\par
}
}
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Civil Code
\par
}
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \i0 \fs20
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
W
}
}
{\b0 \cf38 \f5 \i1 \fs20
{\field {\*\fldinst HYPERLINK "http://" }{\fldrslt
{\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
www.officialgazette.gov.ph/1949/06/18/republic-act-no-386/
}\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0 }}
{\b0 \cf38 \f5 \ul0 \strike0 \i1 \fs20
\par
}
}
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \i0 \fs20
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Description.
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
This is a link to the text of the Civil Code of the Philippines which contains the
law on partnership.
\par
}
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Tenth Foreign Investments Negative List
\par
}
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \i0 \fs20
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
W
}
}
{\b0 \cf38 \f5 \i1 \fs20
{\field {\*\fldinst HYPERLINK "http://20150529-EO-0184-BSA.pdf" }{\fldrslt
{\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
www.officialgazette.gov.ph/downloads/2015/05may/20150529-EO-0184-BSA.pdf
}\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0 }}
{\b0 \cf38 \f5 \ul0 \strike0 \i1 \fs20
\par
}
}
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \i0 \fs20
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Description.
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
This is a link to the text of the Tenth Foreign Investments Negative List which
identifies the investment areas which are open to foreign investors or reserved for
Philippine nationals.
\par
}
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Board of Investments
\par
}
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \i0 \fs20
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
W
}
}
{\b0 \cf38 \f5 \i1 \fs20
{\field {\*\fldinst HYPERLINK "http://ipp%202017.pdf" }{\fldrslt
{\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
www.boi.gov.ph/files/ipp%202017.pdf
}\b0 \cf5 \f5 \ul0 \strike0 \i1 \fs20 \sa0 \sb0 }}
}
{\b1 \cf38 \f5 \i0 \fs20
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20
\par
}
}
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \i0 \fs20
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Description.
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
This is a link to the text of the 2017 Investment Priorities Plan which contains
investment areas that qualify for registration with the Board of Investments
\par
}
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}\b0 \cf38 \f5 \ri0 \ul0 \strike0 \i0 \qj \fs20 \li0 \sa0 \sb0 \intbl \cell
\row }}\par {
{\trowd \lastrow \trleft0
\clcbpat40 \clpadt600 \clpadft3 \clpadb600 \clpadfb3 \clpadl600 \clpadfl3
\clpadr600 \clpadfr3 \clbrdrt \brdrcf1 \brdrw20 \brdrs \clbrdrb \brdrcf1
\brdrw20 \brdrs \clbrdrl \brdrcf1 \brdrw20 \brdrs \clbrdrr \brdrcf1 \brdrw20 \brdrs
\trql \clwWidth10091 \cellx10091
\intbl
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf38 \f5 \ri0 \i0 \qj \fs28 \li0
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs28 \sa0 \sb0
Contributor profiles
\par
}
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Perry L. Pe, Senior Partner
\par
}
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa200 \sb480
Romulo Mabanta Buenaventura Sayoc & de los Angeles
\par
}
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\field {\*\fldinst HYPERLINK
"http://uk.practicallaw.thomsonreuters.com/Link/Document/Blob/Ib9d98ef2d06011e79bef
99c0ee06c731.png?
targetType=inline&originationContext=document&vr=3.0&rs=PLUK1.0&transitionType=Docu
mentImage&contextData=(sc.Default)" }{\fldrslt
{\*\shppict {\pict \pngblip \picw140 \pich140 \picwgoal1665 \pichgoal1665
89504e470d0a1a0a0000000d494844520000008c0000008c080200000021a2d66900000019744558745
36f6674776172650041646f626520496d616765526561647971c9653c0000041169545874584d4c3a63
6f6d2e61646f62652e786d7000000000003c3f787061636b657420626567696e3d22efbbbf222069643
d2257354d304d7043656869487a7265537a4e54637a6b633964223f3e203c783a786d706d6574612078
6d6c6e733a783d2261646f62653a6e733a6d6574612f2220783a786d70746b3d2241646f626520584d5
020436f726520352e362d633133382037392e3135393832342c20323031362f30392f31342d30313a30
393a30312020202020202020223e203c7264663a52444620786d6c6e733a7264663d22687474703a2f2
f7777772e77332e6f72672f313939392f30322f32322d7264662d73796e7461782d6e7323223e203c72
64663a4465736372697074696f6e207264663a61626f75743d222220786d6c6e733a786d704d4d3d226
87474703a2f2f6e732e61646f62652e636f6d2f7861702f312e302f6d6d2f2220786d6c6e733a737452
65663d22687474703a2f2f6e732e61646f62652e636f6d2f7861702f312e302f73547970652f5265736
f75726365526566232220786d6c6e733a786d703d22687474703a2f2f6e732e61646f62652e636f6d2f
7861702f312e302f2220786d6c6e733a64633d22687474703a2f2f7075726c2e6f72672f64632f656c6
56d656e74732f312e312f2220786d704d4d3a446f63756d656e7449443d22786d702e6469643a424542
35343331374244353331314537383733314235334438333436384145452220786d704d4d3a496e73746
16e636549443d22786d702e6969643a4245423534333136424435333131453738373331423533443833
3436384145452220786d703a43726561746f72546f6f6c3d2241646f62652050686f746f73686f70204
35334204d6163696e746f7368223e203c786d704d4d3a4465726976656446726f6d2073745265663a69
6e7374616e636549443d223841373835333032373543414137343846334139424330374546444646364
546222073745265663a646f63756d656e7449443d223841373835333032373543414137343846334139
424330374546444646364546222f3e203c64633a7269676874733e203c7264663a416c743e203c72646
63a6c6920786d6c3a6c616e673d22782d64656661756c74223e3230313020284329204c6f737420426f
79732053747564696f73204c74642e20436f2e3c2f7264663a6c693e203c2f7264663a416c743e203c2
f64633a7269676874733e203c64633a63726561746f723e203c7264663a5365713e203c7264663a6c69
3e4c6f7374626f79732053747564696f73204c74642e20436f2e3c2f7264663a6c693e203c2f7264663
a5365713e203c2f64633a63726561746f723e203c2f7264663a4465736372697074696f6e3e203c2f72
64663a5244463e203c2f783a786d706d6574613e203c3f787061636b657420656e643d2272223f3e5ca
872af000073594944415478da6cbdf9b365c7712676aaeaac777bf76dbd77a3b1af043791224591e2a6
65288dc6339eb13d1321873d110e87c361fb27ffecff64c2316147d88ed10ca5d132a24489144402204
58204482c0da0d17bf7dbdf5dcf5a55cea5ea9cf3306a128d87fbee3df79caacacc2f33bfcc149fba92
08198820b046d8c006f447c0ffa4b5067f84df4afacbc26bf8dff4dbc0bf15fe0d2ff97ff84561e902f
03bfadbd0f525be8cff15e0cff02669f00ba4e54b59bea60df8e206ff1b7f25f133017d4cba7b0b8c08
14bdadbd0d6bf10d16bec9d297c3bf0dbcd8de8ec09ff1da42d06fdda584bb08bee87e0cdc2d5ae1bec
12d8ae455e16b1afff0fe0684e8eec4facb0adb7b5b7b352382fe1f5874039793bd7704bc7482af06af
875209be1da170bdf96558235a7bcb3ba48414ee22ed7399f6aafca2fcf873b9c5a2c7b74a08b716b4f
9b0e9706fd27f1e16d404bc3ffe08d02ae3c606ee99a55b0cdc33d92da8d0bc2e81e4d300772ea538bb
7a7811edae6ffd5de3edf9a7b27cffed1fd9de042c20fe5e06dd76e2d2cbde429ba0bdf5c09f03414b6
0856817c9df92a00711dd99c30fc2eae0bb03da54fe34de83a1cbc1db427c0fdd55fb759adf8237899b
43df44cb2abcc8f083d856e8f03fe8d6f0e0d369a12ba110e0ab2a10ed7ed26d9050f58411be06ee527
7afe0cd29e90e1dafabbb7509c78ac4defa5383eb2df14c05b47e0a3fa22d092d2e06fec69c951bbe2b
2944bb37d69f0db793d63db5a5236e041f753c63d6af80714b2014ae2f89173e07de336f83f6cf42d76
609b4ed5da880f4167d937447d39afea9f7670cfe1df6a444fa13815bc812c78798de00eb2fdab3dcae
a721752768a1dbd361fcb1b46e15789d69d9f07958e4f82feb841af6d208eb17de1f7cfc87351bac7bd
398b2d1abb22ed615dca05432545114a7da54a03963299258844a46219e4c2595a185d186d7a3dd21ba
2f3c171fd7de4ee8ba83e87e40a9c76bf81db27cd23fae5b54d00aa6f5a7b7d39f5eaa04e9e6fe57769
a4fb597e4a573fb0a92e4949d75d2688d225dc482e475945b63db530bfe44b028b8bb91c26fbfbf0392
e34eca058b0d5e47f6d5bab6863746b9074615a8043e7863cc3a37f3d296955dc116b12a30b06b3a145
aa92a0c4311c7a5907b470b58a008b583990ee3c9701045b095782d676149aa14ed05ddad109dc6e33b
ed1b10777c6047151d47da69dbaae4a015f1d698d3c50d094eab203b0dcba6b13b03de6ef90bb224c95
655bb8fdbf08c7a14b6b701dec8e3637a25de6dbd2509ecbeaf55c1c21b162f23fc2e2344f766e5b5ab
7f527c4a25c8acf2c9c09322167979346f8ee675a5f13a641df136e0bfb224ba74f1f268302dabc6d81
a24c868bd1e6465554bd8b74a2faa66b62ad341b4354e236502ada53793fd9d206de68d69f730d61d79
417b0796c9ad9e57b20e2eb99fcfac02fd8b0fb45b0cb7b44e7ff1725bb2cc3d95d44a797b73d67a241
7f27972a00210172217fe9f115eb9799d40404cf28db2f2b39d7cb642237a67a0351b4e6f3a732d853b
418674039a7da9e125c0748ad4e6c9a2b8fb283fa9f8f8e35dc6520ed34192a6a3c14884d13a5fae968
b305483d1c6ec645daf6769928d86c350aeb26c98e72ba932a1126d6caead80f72575d0ac151e022746
82ee9655ba38b33a6e6d4870ac7f36e954bd7f41388c85d0918fb3250003bf971edcb6dbcea685dfaf9
ccdc34b595662f83a426027a98c609df5a4f5f9e2932307b0bc0aa2ef33fec84bbfcafc4ba711240304
61cfc022e13402dfa269dfeea558d02629c166d09952776048966087f25adf7ab0b8376f582f85f44d8
90aa338dad9d9ddd8d80418b75e9c8649d6548dd5555317204af97a2d9a0a2c54980ee18b1a5dac16eb
d2042a54d970a4a2d8c0fd37f530b1d30cbec412ac21cd4bf7631912b4688d91b1ff1b0d5bc0674cc8e
01ffc23fcba79590a440ffc7ab3c77f446b5ef88c328aeba17f3edf748ef96a60640343c0445a8665d2
39476e59cff8031da464644cc7a1bd1913b43be48f9f6875b3680d1bab4a3e0696b40dab5558bc8345f
ee1ddf5525b8070b076910a279369a01b10b408604210d4750117aa97b37a751226035d97115cb52ab6
47595d0bd1d4d5ea544db674653727a37559add6c5f1e1518dcf29e11b0fa53c1daaab3b9338921e34f
a8326dcaeb490c7c912fdd20b90edf446d02122eb3da79e0ab4b683a53d3d285ae020ba2f72d82b301e
83b7668edf0436094eab4248abd82124d34d9a93311bdf80f06acd59167883d384a23d39d263285620c
a497d2b73ed15f02bb4142c6b78f003dc9583f9ea97770ad89b51a42a000606bc2b6d4c3d180eb6279b
89d4a96c94aceab2dcd81c26a1c892b8a9a23402a778a81b807e510c1b61ecd1ba595859d7e5d6288b9
59dd41a640dc50d3eaccdd15c2bb1b87e71839792ee0bcfb22247d1f68ff3599bcf2e1e2137d1ee8d70
4b6395c708a6b3eaacff7a40cb3af78fc11b1f604176d85b470fd5799bbc508688f3612f14f8027d64e
0ac77e7fbf46211ac06853b021efbb3a7e29d0c7718bc7de5ad142c642e00013ac4f28a804e3b3859dd
7850021a833fa3e1b806acd054f0f98dc164bab9b5b53909ea5cd4ab49128ca7c9c678288cae2a33491
568af384414a82d181f6975bd5c57f74f567bb37523c42a8c8b4a6bb27aab0a3e52c1cb87f3224bc5f9
e958912e751a593ab34eaf90f62727d678bced91ae3da3e39c9c5887dd6d203ba5e2ce333d69fb5e216
db76d2d42b6b65d74e7d5f19e054e927c4043ca569fba37d3ca4aeba5aa75b179878470211bdb5783f8
c5966da611d6f942ce31eee23a787576dcb585f3b17752bd77bf8c617f94986e6c8c46a37c760c0bbf3
199ecec6e62b8a0382e6b1dea6a5e94623c9c4e824bbbd39d11c8934c151c341b870aec686d4cbe2aca
aa3c374e8fe6c3fd55beaee2c365bea825e8b7a9b5c74b399cc460ac1eed1d573abab23d4a42672724a
afc00b60d84917e2424edcea473ce7971da571d9262ecc0ceb893af40da8f9b2cdb3dfa9905837547a0
e7a5c0b6d240079e4d41282828e7f749f63cfc36c423bd7c3b0be8ac0b8a1f983261c91f37ac0225388
fac34ac7221bafe99f34a82952fe1eee35973fb41394ae35551c52a0e74b53ab87b7e9cbe70edeaeee6
244992d97cd954c5bc307b8b12a082b48d2ecba64ad264b2331985a88140c935701331dc49a3e1006c4
f470034e0fef206dca630ccaba36555830e04a528d5ceb98bf0e6d3e5e2b60eaeec024a57b68d31f480
30832877aea5ec969a70956c21043f7eabaa84f898ddea2102dbfec011b71670181fa9e3f884f3d9501
95bd8ef50783716ad88146d50ce3a5f411a61d89990ee8b25ef32ef108a9492ac6a9d04e103f9e05017
f3f337dffe172dcca2300f0f7592a4c7cb25bcbe3d19ef66f19397c79f7ef6fa95cb1726e35192c5755
1ce67f3f972f5e0607e385fa669381da78fed4cb787c34cca5801ae86b5077507cba5933801cc118a2a
8a521526a78b798cf70fda519d56264c8679d91c1e1f69a14070e78bfc8e2e9eba0c88511298e4f89fa
4ad911ce93cebbc3bdcddee10e90ddbc7101eceda9e5b283c62626ffdcc91301c57b3ac60bdbde15012
43716143b7d5e427b6ce0c4736f0a93100411addeb5ebaacecb9167dd38837a7bc9d327d4fa18d3b32b
e94082b5695d93b85c51527ab25fce2f98b179fd819be707ef2e21397ae5dbd341c8cb221e0bbb02ccb
9d9d7365993ff378b35c2ed7c56a1047b04fa32432ba81b36730a080a6b53425888f4a43f8b6080dad0
2e881c0c4ca5caf735d47528003a58d2e8ba2588306054fd96e4fcb739301ae9c7102025ba3cf846c84
c3a6f6ccda9f5565810f47042e32d90aa5b1fdddb2d2c5dc29fe68f9c8c385515f5320b88dc6b22582e
50e3908c49e9033ef1c058667b76cbdfaf108c1bbd87365ad10bd18502f24254507365b875172a24108
b01f87735507f1e97a061f79e1c2ceaf3d73f1579eb8f8c4e573e72e6c8fc7134013ba290315256108f
e8e1d6670abdad68bd929c80ea0410b701c24405bb6700007d14dc63369c0790563178675028e5314a7
7131884462b500b3a5c94782a70214ae61ffecc383e5f678a0448b896d107cdcbd75019433b8a1334a6
cd18df1191bd9655238f667cf9e660e788b16f87b6f57f4a0791bd2841d0f391edcf7c1823636dc0612
6987840fe531740d3af5e764c89c3d58ad6cb59feae90d3b2f4415c40707fb70a0aec6ea379fb9f4d5c
f3e75edd2b9c1c6381b0c10f0980654925091082234ad2a24d40a1b3432551190a50fea5260ca435565
854707bc2915d44d0988dca08ab3120f9a8e84cc42796e3c900a1cdc665607001ccb1a5039a87b39cff
5d1a2bcb039b01a76d1a0c72884f2192cefae0be33cefce4d3541e7e2c06f9ce290a21f0eed45317b0b
43a109eb7d348cf2189763203f48f4c2f1b85c21a9211f8b26a74178c97207c5b6485284d26dbc0c649
b27a390b23b05bd7d6abf49f6b647905b1614b52dcce0f0e4b4d6fa4a2cfed5979ffbfaafbe707e773b
ce922406c1a17b8ba34086f438b05321e51e60c1eb68b861a3b45e2f612525000d0c970a0dae5650e1f
a6064499baaa9eb1a4d157a0b0260631635b53513ad06cbc2c229186de4abdb35dd197cead1e1627b02
50d145bde02058c1fe2202235e55c67beed0d9ce1db4adf2501cedeb852f5d30db39eec207f002db662
56ccf66b8f4296b3645c09d9d1f1f71e8f2aa2ea7e53236c2ed824bab9085359c122295281d1c37ac24
f1b7a24b4a7a052d58baa53f1d4b3ddc3f5a2d96ab81087eef338ffdce175f989e3b97a4194032c0625
29b2049ac422d87675aa5220221002b06aba7edfa144e6d189b4656182cd78dd13a8c22631a30361af3
95ac8109cbc09d0394684c0c2842e9c9201eaeead3f92a1ca75b3b3bd5de7e81b02c58967aff7475656
7628d7540dbe97cce181872fb846c83c13d8b6c7c08ce69469760c31f3c72c70f6a2f82bcacca3a0970
6041b2683aeda75c78cf6d5c2819a090d3e6bd658265de1429526b86ee5a058cd859722c89857529341
7ebf6521ff8f01f1e0adb47776b1ddf7e30bb77388777be7c61fc5b9f7f69b4b999447198c4519a4ad0
c0119d3aa9826814a46311a5413c0019c2856a2a25b63466fea2b0aef0d99b5a82e9026087460936aea
4889c046f075e639b0197ce12d094a1288b711acb45095f0de2354cb37abdd2068e9ad83fce77278341
146a9fc268353c59f71617b701730a097032c087b4d599149355a20b69864eb02cad6f2fb16ecfc6a9a
5c7d756b629f590fc7f4b0407a1da209cb0dec63b0f41582
f3a3e08cb11098e1cb918482f87e6d49c15ad4ef03a40ec1f95f78ee660612e65f17ff5b5cf5cb97a29
1d8c95922123c82842a723cc822815d9446453112774c101ba43450e3b21c019721177102a8598083e0
fb206778b82a8c318c44617cb1a211b5a1809fe96967a5d35a192038085d68c07c37a54e77555190d0f
096ed4e1bc7c6c179da656863cdda31fd969e918b86b6e132dc76dbacc351b1084fea2db1016471db42
985b368c27a99f5985070f49592002e47e16e8093c0de9cb08eece28f5e8242bf015df225306d64f663
4113ef02e2e5d68db8756f062ae2dc64fc1b9fb8fed21317541c5222a9611b236408e04c4499cac6623
015614a772002303ba000c308415d1c8b260e0079e099d726047ca1c874c272ab304a8cad958a40276a
74610177d4282c605e002586c968922c4bbcdb6c341cd41548a40a15d8b0fd93e5b9719ca531455b649
7276bbd3bd6e3ff80f7c1e7d8f6f09990bdd468bb1a36684d54e77bb57c99f66d080b9ceb049b6a431f
a465570e9ed2458cbc62255821d813973eaec309bf8ea9c39223c51927a23d2ad6477ee163872765d50
49776762e6e4f9fbbbc9925b1c5108511511c84312c281ecf28b1f07398a282414582d9595b972e4d17
464dbeb0a4884d5362380603399406330d520bc048810e0cb4c2842a5cbd41e011084011804a1ad3547
590d7261964c56261ea069c29d094a01500dced9fac1ebf1c075e9ff79cd89ebf67cf12717c803ce885
1ace1e55b402ad91e645d2671d2de799b62973a294b0a3a9028e387066c9e5fddc9e08d145d4db6883e
8736ece806d86496dfadcc17c6770832e147fb2a8c2241a4dc680a5b627031123230360984887f4d5c6
aa04bfbe01985c624e850269b0c02061d680fad2e4c0c2b53462e5bad6f9dc005e282bd8c5ba28d96f0
b08ed4985ee6c5069bc03198b087e6ed2746c968b3c2f0e4f66207f49121d9d9c84710cb815f0fbc96c
7de5c2240dc3d607751c9bce97a718816502512ff2ec16dff6f54747b409dc3ef116133b86223796323
55d2a3810bda42f810b6b38c0cac6c7f6be90d37b5670aa9123aa2e6741d22f3ee68eb77977e392691d
f46943772086ab52dfddcfb3c1061897c968321c4de0a0c30a0b192378435c508a100e720d981ab605f
f13b94ca1809d4b22d08141b9b2ccb282b3a82bc076baae347849c50af415a23bc40b08429bb204b807
685ea9b0a48c28dc9916a03ceb28498d9937baa98a1c76122e5756d5304b4098aa5a2c5779369df8a89
8ed119d5a72993d1b6639e3dff68241bd9cbcedf80e8cf7ce3a9256f4a3173d50c161d590433892bd31
52976d245cb24da2101d433e3259b6833d2d9112a34adeba89b327c965e031c07c8cd95231107632dc1
80f87c4fb0b09908628777525920c36061c4d03af3495453f0990412cc13e31a0ad4b90a740e741bd36
0022aa1568b606f6a96eb4c6bff2f512502246b342b2457505464a680ccd191901162cb52dab12af941
779a3a324961428823dc3c470a49645754eb023e2f8679474b22d23945c0af9317a429729ecb38fdad4
5f1bcceb289a2d1345b4690e1f77f7f95076ac00017060d13875c9e643041f8b2ad24618c7680d30074
58c36e1433e4ab82c91908e21c6c924a99837e360cfdeac46401cc5d3cdcd55be5ca1433a654508cb24
99d25597a4d06889c204040d1c5e393b8c920c81356eaa81f704554549b350aa28082a00b54d5d60604
6854551e1ed6054095e07c102cd08771be64d73bc2e0a8dcf5a6b4ac0d90074e47832592e576559c769
14a030056dc20d1749583ef8d633a214c7fc0361ff3384263a8cc49c04217ae91f260a883e9b873e1c0
61c29eda1711bb4144958c0b04fdcb19ea461704bac740e93a7c7baf3255b004f9a50280a9e4bd95a26
fc55636d97dd47a82a6a63f78e1b0dee8a52a7b3d39d41a8450c9b039f6c9a2a3103f4259ada9485601
2453c20eeac32a6407e97065cae281301f022132a45912d8b000021a84a158266b54d138aba066c8062
058ab05a97a0c0c09cc5703ff0faa2a84ee6202af560383c9d2d2b63009197ebb5842b6b5090cd308de
0a39a68219c0f531d614d7681fd1edd8359071e123b3108d8b96f33134c5065cc859ea6b32da20dfe78
c2a9f659dbbeff049264f96a1899a60cb84f74fb7090305d74bc052c70a6e1cb306c86b7a74497c76a2
9e33ebeee7c8ae3d37256e18395558e10391ee580c5008f99500660874403ee0ef831b00112b31f321a
886c137044502ed10e014647960320b52400a942067023935a2e8f41ae63035b95c9aa105529b3c97ab
9a81a80d976998360d864942086c0670234571f1e1d8718dd88416a904e54d701655760cf62d07a0d67
c830ff223dddd5fad485d732ce5fe4f5f55e2b81a5b34cb756c410ad39dfb60b09d93e7f4438ee82f5b
bdc0a4ed8da3a8a6fb3a512447d42df16f65c3936a3601a920fb35a47d2c53708c9395c0a990b4a3e2b
af59291481ef3d5e54cc7dd455b502fd1287cb39588d2986060015370d7a38712a8763c44e21fcb02d2
6bb419cdad32330459c99c7bf43f296601df305b950113c9a017091c5f855b556e930d042d7415302ea
ce974569a2321b8e4d538f303e0322562f96850e04982386c2207996780aa03f8ab2819d8b14879041e
e9dce77c1142b8c73545bbf56b6bca2961edcbabeb665655212e70c95876a243cc0133d8cee0183ff13
4a977d305d982060267f6f3318b77b09e118a274180fad8774aca14e3776dc654f72a82a97b7d444d82
ff3b510dbf0639557629486f104f648c6998846f037ca366c0f2b11f881e32f7818c0a58d10c556081c
1af8f07a59d5555e57ebaa598361696cb59aad8bf218fe5ad756a5b55d9dce4f019b842a1c26d1b9417
21c89456e72c72505090611c65308aab8423a8b2aaa6600f68989fc2e4424a54fa7a98ec1caeaccd0f1
94a20b2bf4328067b8211ee672b894f285c60999b3ddd69ee55090460cdbd8bb74169ff49e47d582553
1e5861c587798de0ac775540c1ca8d204752741748a2713ab03f7cf722d8af17434319f9f4eb35d8a88
d6b511651382321e66a98cc726cc42807370e9aab00d1c7465ea1c0c1508974a330d0a8d1601dc235d9
4f3e5fcd1a3fb27b3e5c1e902303ba63394a88b1c21f93acf2b8d297e95d86abd5aaf0062a4a19a446a
334b972b400cb82cda5a6f5688b704ae6f658ab2526a80953acc54f1997fc3d6b57d057757f617d407e
75cbac147c75bf1e2134f4bc57e4fe05d14dba6eb44abe53cf792e23b242eca013126a80ae97e70d467
577ba2ad8ff232d71ed1393352f0656d1c89dc413deb6b8f5c7cc98590d16ea748f71813d5efb8d055b
d5a89d34101a860599525c6c295dd18645912256166ab1c8f4a949af54ce74b0ee117abc562b1bef3e0
de8ddbf767cb5563653a9c0224013b198776bd9aadd6d5ba6e569585ab4c13b55ee7618c306712c7d33
43a8cc4bcb600e775cf3de4bb05cd07e28880887901dedbd036509e7be5d51e8358db460a5aef83f3de
6d36a94b52f4a3783d8e1ee314b7c1d6152259da6c78310c5d0d917144c1331c4dcbdbe5b8174147286
ccd189a2e49b0c4a5117de984f702f9a4808a8f2366b920cc4b93d456e5ee28010370eb60950c6c0e7a
e67401882e08b3f2681e94b361288649b8b3bd33486210c3281bc155414a8c4166f8e9e9d1feded1edf
b0fcae56a6b38b970e5fab9cb5706691ad4f9fa747f767a7470323b3c5de688bc83a2ae420102b91c24
c3e120dbca52a4b162c4a825f476b0d8b887722c7ee5d9b6940634b2350d2defd7e333974af2c172897
2d626defb74484fac63bde4778d9185cb2a3aa0eda88c0cc1bbd49cff2fc360a1b531b401f4374b0fdd
6b6faba44fcfb3e727b852cc67f9b022659c298e0c6552d6b63155b39185a78bb5a9eb71a276a6a38da
ddd70bc039b5181bd3adecf67c7e56a7e74b0970fd218cc091ca8282d4bd0648b55bede3f78b4b777a0
cbf2896bd7ae3ff7d2c5c79f1a6f6e83c35ccf0f4fee0429ba723a52ea38377a91af2b0c29d76501701
e167d3a4ab6c7833988f4aaae4cbf6a0f77a8d02046949e07f0caa11b5fb4236d2f56400ba990a6243c
7f433862b9ab2ba4c880c3c8b6f564cf50187c590c0738780f3c0071e51b98e6d0ce9f6a4312a6554ec
af1f73d1a74ead8b61216b201f250dbf460a5634c70611e1ab90096260cd6147a10ab557efdfc061c90
b2a99fbcb4b3bdbdb5b57b3edd3e2fc75b88a396bab483a55de52a5b2f66ab79598141526ab49189107
3b58ba3c3a3bd837cb1dadad979ec89c777cf4df3f9fd47f7dfd51af6a62e67c7f9fc54d7658c87033e
213155a9750cc044628809447f6b94ec15f53488f7178b3e773ba1f54a62655c28527006dd851c6c3fc
26d59f92b2f599ed82f4c2fcc6a82ced208ceb179ea97e4aa31c5c75b7092d07691e90ec7871eadb9f2
56dc3fd5eebee19cba2f29b5be68c9b02a08092ff8e89faf33081c6f924cb191ae5a2bd8d948a759382
f30ba6674b331ce843183381a0cd2f118f975711c05f57cbd5aae4f4fd6b38393fd47a62a228c8bcb70
94c15ac7009993695d2c3142d160f062329d06cdeacfbffdfffeec83479ffcd6bf5cd9ecfb7ffd3737d
efee9d3e7cf5d1c8ac77647a3e104fc2bf07dac6d921819440d46cc8351acb6b2a88ee2bc6a6665deae
cc0bdbd98bd72ed9041386923788e885d667ea94db116b7d9c883495f36ca974d7f6a3093df6afab416
3d5d823333b9fd75ae7c2caa02b94e237c3b3b74128d3a7f5f476a5734b1d38e99caa96c62298618b3a
db31fcac729946ac6f02619a8cc2dd8d680630018453eb211ef0204a073196b38ceb62f5d6dffce8d13
c9fd9e1ddd3f23f7df7cfc6c3c9671ebffcb90be995eda9ccb2e1709c6d6d997803e0d7c6fc34b8ff20
2f8ae9eeb93bb7efbcfdeed197bff67b9ff9e2e76ebc7f6feffca5a786e939d06627073fb971fbeab91
580466dc23894e0d066d9a006981e4560bdc67139d37a633ce04d92545db3b3b559e4cbdd24ae655659
add885c747d4ea4cfe814c8de1faebaeaacc50ead3f4f8a5c2d5c3b8c837671b8ce8685ebdfa331794e
33c701b1b677bd196d710d076e405e939fefd72ea33a2d8cf1d2189493b3d6065ef51a86c4311a207f4
78793bb9b95710955cec0c1338a3a38da948a2c37b1ffcd19f7ce7fec3faabdffabd279efbc4fcadf7b
ef595df3d9f9a44e8d3f5fcb1249b4c37a324c1b859142691d24d057f00fb8dc6d9ceeea5fff17ff8ec
c674d3ae679f7ff6d267aefceef278efe4c1ed078f641699d3e51a107d246412c5e0fac47138afab08d
459d3a452c44113631257951aef7e335570727efeeefdeb9bc1932f5dd3498a40487976b16893e1bc62
984409d171132d486b790dbd6a59974ced4175a178e76cffcd4ea274577be2b8e09608fb9459f2d8d91
73e98e06ca4b553b92ef863cf965e1906142e9be8949ef486ccd5599edb8c874a005e1e65c31d746043
f0309bbafce0e76f6ea5c37ffebffcdef4ca13c170f3b32f5c37f347876fbd7efcf04178e9423ad9d8b
c7645d6da346bd50c8cae745382188ec669932f2f5dbd581f1f9ece8fe3e9b69a678039f2c5513edb57
cdfaf9c77687e309ac323221d7801f83d298b88ac175555595466a9cdab256a06a4ff23c114162cdf38
f5f5e1e1cc1d6e68bd36878b1479a6f0b14248734bdbb425ebe6d0fbd0b845b7ba6e4bf4f75f3240807
97754b46f02403d912eb3c1c08bda31c48476c70d46f176e60cdd51124ade842174ec428054768c390a
fc7fb44498bb6b49e72acc195adecb9f3a3bfbf3f1f6698bd8993243025d8e8a79e7ffed39f1bc54300
bea5b0ebfa686f76f7a3d3fdbdf9c9495ad55be72fa130d4b52d722d671484c4a4799cc4b6ae4315069
32d6b436d45b998d7e0e3986030d9184c36c32896610890a1aa9ad5008d9d6a746da55e8235058759c1
e701980390d8cae2ad24be9e894964af3e76e99d5f7c00ef8bfcf16f39d3a4110c0335222f6b0c971a3
4be48a5a2d468cbdcef9725753bd44ff1525d30b92da2ab4ded099ca38309c771709babc865f39c3f8e
47592e7175297c613dd5a46fde0276a60c91f709f70957e522829687068f952a797177103e5c80ea1ba
531689f2804f3304ae24c65c33a903a2f8bc35bebd3a3e5c949904d2f3c7b7963677bf7ead5d01680d6
443a14650168c250f02294615057b2ca279bbb328a82648887b2a94cad3129651aabeb2a5fad17aba06
eaa2088e23444d38209287823e8bc4121332996111c17f5f2b5ad4d099a7970f942fcc13b1f04e4d679
7e96f48095e2631c3bf1e47e57ef889ebbe5ca7a4528832336c673848cafcf52bdf839ec34c7265a468
30a6c5bc387f43fca3d84aebac605e61c73d39516b5e9611f64ef599b363bd9713618e62371593a596c
752266b48da80213464d2c046035b0e4566ba59274380d011c0f062aca9ab200cb18a6838dabcf24591
a8580a163654bbb2ef11c6b0b4e55b32e9bd202dc00d352831e3bdc07d72a198fc36c68a9e6520d86a6
58378bc37aa51b58bbaad1558dc71df9ac9a6a30c306e97612847010d99180afca406ab38d68b19a016
0b9762e8d47a396c3ea9c4d5851a9021fe3620b4e591dc2029a5182ab9496bd5a69e932ee6dbd634b8f
a5905d5b6a2cdbf275cf37b228a71c05e7400331dd7c8b08d666a6c7a0938c713c759673be84bf55af2
01db972cea3f30911162643250ff05fe7a6d9531736d3e108137a522583096c934a53954d601b607b92
ad303075d03498aec5b230695733aa6f8b49c3caca4af85d321882410b6404883e877d12417461a0861
39b64d4d105d62e06140dffaeb19980203a628de603c3dab8d49a122d931434693c48c2dbefce0f1e98
e3e3d9338f3f76f5b12bb398a09b323e77da55aa52f20e39e796f51d933059c3b7ccb6b621874fcc2ad
1f5b9f018c1702712a6003b07b8b382c255cb5b
0c0518aa61f5911e676d6c5789d88b98489743ec0a81255f866c153cb3e17803932c5ae061dd96c32fd
3cc3e7521db2be5625d2a15290c802a89d120543a228c2c3840eb1a961654a70863dbac417c48cbc3db
52f078f027259204e467a4c2085044063786b0be16581c883530a879c304d6384c8771b26e34ac45ade
017a00989ed4da709c4488dd2ac36c1345677ac284c70bc6c1edc7ff8c4334f08bd92ae588ee3c8c1d9
ce368e9d203c46308e87da56d67ba1683b3f30ad91d6d5b85a4ce1a91367eadecf16de0a8e7dcbaee70
49925271ac8d7350ef6f7a387be265abbda5be3e3f99e0a4e495a295b8a97ef0f42147b639b8be793c7
b6017445c4af8f90e9a83595228448db445a4f2ce24c46096e38a8365d61e80cec563a412c2d4350913
28ccaaaac0100870a653454419822ed2542646f830604264cc0dbd6317197492359aac4d54c6fc7c43b
5c8b32761be3f4eaf9ad5513ac9676b6cc6bca58139e936c93ac03712e6cc38116db158c2050574e2b5
2065174e53e2c012e20c05d767a4d335a38e7de223a32b22761727d92e8f526f02174b6906cf5424746
61866cdb6ba02b95e8ba68b88c07e79345d750c7994454c851527f62f7dcc58d4dc3196690bf06915b9
88d40f1d8a6b1009625b2f1607b4c5d184ccf0d944a45988135c1f44aa072d83b5de57991816dbb7871
0a1f8cd2c0babe18b6aa1b836c21f23731918e357e2a04bbd8540d12ca893f14297cde104b42d5a58b5
b6fde3b68b44de288b270d2054b7d557dd7eec295c19a7ec32ad732c9b1ab91a66ab8cb4aa79e7a510a
dbbaaede312697a67de563d535a10f1f92ba0e94e15d71a15f45df68a487da82a342d61d19e7666bda5
0aad00055ad3864d46ba0e3c95082e3954dbdbeb2d93cfed4d3cdf16d1456c4849a692c0151b258c475
b15cde7b1f7e994ca6940c51361d07eb259cdaaad6ab550e62986463d0731f7d78371c6c5c4bd210dea
0635daeac2eebe5425765d3d4ba2a6abc28c06f532161dc352ee38a730c3444e0da9ad96a1dd152ec6e
6f0840f9d27857500a17b151d66f93af3d16c61b773e978ed54f87d9f4faab99a04b58b00232de2d722
5cd08eddb3d13bedd868ba786fd57addb7f178e155c9586642cb62b1c9570c9138abd32b981e8248a91
8765f2a5d784d2b3ca9cb6c4a750d1fdbd8fae5f7901b3a26511c74910860097d10d8af05141b0f4e2f
0f0ed3796f3f9e32f7f41c850e82a98ec06d9308891011112717c676bf3e2858b4237f7efd63f7aed47
87fbfb4f3dfdec686b879434e06ff092cbb258d71508265623ad7290a71a5ed675cda967973e96b2d27
6ff78064f796e438d8643781f12f402dfabcb55f5b405172c46d233f9392b21cfe45315531bdb8c371e
5add2b0af2ec08db1151c4d996775419c73629f4e125cc436a5f3ed3b6c609bcc5b4a24dcab6c6a9d7d
585792a5c0ad5661851f2b94d8c0fc0ba14b09a9779be3c0677b2466d062a0ecf74932f2db8418d2e4f
f64fee7ef8c6dffdf0c52fff16b8510dfa134600b0065d56e6b62e65188fb72e66a30c30def2e40880d
ccd3b0f3f7a34db3f3cfec4734f6f9dbf808b03625415555e94da165593e31f2c4cafb5e6967e528654
ebab43859a782cea5f7f7663381cae4e66e9e56de9fc3cdbe6e76cd0638f06d217d419d3231a77d5db2
ed747491b566fba5fa264c92b6e5978aecb604b9120174670e6ca5261b35783b61722e7908774f8cd35
8052163b5678806dfc56b03263875bf86e35043a5a12a0111df66707c0d6750e0aa41e0caab2641706d
e03daa93c3d3979f4e0a7afbe7a52c7d96413a40ab04099af82fd3b0012f46256cc4f4ef71fe6464d4c
b23c3d3e59978f96e5febc6874fee4e5f3efbeffe1f5aad8dadc04bb5397555e55f9ba582c5627278b9
37c8da125dd38e79a500a6b30f0c85e7af689e9d6e4eeadfbba59092ce8d1a26de3e509c58652b12668
39292e452303d785a3d782e18c5d0185a85df8b40de6b9321363ed99ee4fe24c9f498a45305bc8c9857
56971df3a43b63d015c2e965d6e3a1a942117b6a7676d9ba542856c1dbfb06d5ae3a34edc315003e8ca
604faaaa2a8b15a67964833a295fccf61f7ef0cedb6fdf7ef0d5dffa561adae3bb77a2cd8d62be54878
7e057c127eedebdf7deadbbb3bade1ba4b269e6cb7c5155f78f4fce4f86e3540ee378efde035068c3e1
a8aeabaaae96ebf56cb1385d2c0a2cfc03a3071e7488183c847f24a01249d9886c32867d9d8e06b9245
923bf543896435701cc4d5c3af79f88908673aab6cb812adb7734bb7d13de33e1209aed6f8a157da2b2
f5d54c92ab2a9821c240911b95b0f3c58ad89362c921144430a0c49d35b665ff094f61909e80498fa13
a1d2d38ece5be5deb2604a0168645b10aa33830cb38aec1555a2f177b0f1efef2c6cdaded73cf3c7165
3c4e1e1eee7df0d65befdcbdffd8c50bdbd3e96ab5bc75e7fedb0f1ebd7bff10e0c374186f8ed2a6365
11c5fd99d9ab2344904e079effec3dd8be7c328699a66bd5aad8abc312642dc829d6f2c375e20958531
2c195a3088c5c2367a001a34cb4e645dba04a9f4a5aa0ecc29811d237cbecdd79e70f45ab886b212b57
360ace8f586f267b6cd579c29177474e2de6b9d278a34ddb6f8c27a00a83c66f70120db458494f0bd50
ad230722f443c3df6f374bad103ae6acf06d5218bf002a4e65940e47abe5b2ae9bb2aa10cb815a53c9e
9c1feeddb771e9e2c7ef3539f19a6a912e6d21357d60588c2aa00455896ab325861719f1ec54a0eb096
6898c6d938dc1c65bb932138b6cbf9220698a7c2c5c97cebc279e1bb298512d711f6290e4314a8a0167
5a5e9d444325ac0a754b3b9753e4d335893a3fc9e74a909a4201115c0f44b65db70b5670c109af0ad52
3c41d237b3a1d88c83dd6d39beef416998922dce543ef9c216f78da1758d665d770d4d483af4664d9c4
9e3727b94a0ad85369ce4f0c596cefb1348630b7a74d7d0f1c30d4788619386c96000673989e7398230
58058c731b3b9fcfee3fda8fd2ece2f9ddaacc61afc324ba7ceddc6473604008c271d1d8cb17779eb8b
475efe1ddbad1d8e62152e0aba6490210b3a6742d18b951166d4d36a3500d261be96215adf3d8e0d94b
a2b032a6310db36bb4ab5c1347f35950af2f5e7f06ee71ffe45e1d57912342f9c82a375d704155d1750
6103d4fd071c1a50f08315fac95a4b3ccc9a0cfca2607fb63cc7fdb85e042473441682c85affad4fd44
089791c99638e6fbb248d70bc4043d844d89734961477c2eeb9966cc75a01385fb849511a099227a83c
5f43686e91037c01b2eec6cc4490c2b2e0aec43431181a14dc626db5ccf565996ec9cdfbdb4bd99af17
96dc778b054e1adc5540d2f3a2049d595b3bad36958987dbe78b75b15ce78e260cc610e3ad6474a8162
08a15384e2a8b4ee6d5dbbf7873b835080656763d69989c2fffb3761a1d438e1989c676e91f5a2d6b3c
f3c4f6190ba2239177311c1fb236bda4b9edbd31ecb575ec554ff6d8ae6da7ea2010bd3a421764e5d08
2a779ba226a4505d31afeaf3b9a34014a241581989e94ab77ef7e78f5e2757463895d09ce132cf3683c
7afcb1abd85f218a4019c569a2a244a50319136f321e477285a184e9ce241bad0e1f60f75c830ccaa22
c006007e8ac2ed6f57c7d74b8391c81380ec6e3380a2783213b18a05ac3a042ff1b4b99e0833612026c
cc60929ebf7a2dcf1b91600492b3d28efb8bba433b77d6daae764f9c2da273385cfa0a2e4ff8b0bd9e5
b2e6fd4b5ec70f40886c7beed78bfe8d9bac699187862406d98d62c5df98a2fc9b1aeda5db97ca2e335
89b6d643b460bc03fea4eb15611923db8642ec29639f2bfba33b3fb9b977f3faf695c97824a34829f86
b0820e2a93839393c304a69d8b628ad9a2898d706bbd13551bc96492ac0ff011b727078f0f0705194c7
0bb03e8bf97a0dee6a69115faf977353d5cf3ff954bab119c970309c0c476513981cdd5a99c4a9aab9a
04673d0ad0982ba84af8a0315d5d4a4438a2e52a0824e65f9965c1feb46ec0b577c213ae76d9da008d7
472d705d17c4c79a8e38166b4b68f15def3c219c68c6548f8945f2d653b77dbcd5b6382de88afd25462
93142223d59c64ad19547212dd8fb5b26e0f012077f8def6185872ac28296e65179b8b11e5f6cce45a2
0c948aa2410c6a0e1611bdcba668d4ad9fbef1e8de8152c9c664da94250866926560a58e0f8fefddbf7
f9caf4f01760026343a1a0c1e3e3a5e37f6f8e0f4fad6f4cb9f7c72e7e24e3a19c342c570d1f1382c72
8b57c0ea00acf1836d0108a6e02942831582143f81e792672bc28d6f1cf80f5629db8e0a241df7942b0
0d0696c336ad4dba2e562d91e3dce97cdf47a241b9f83b3bd3a32ec71ca68e44c2a3fe85abc4bd9f693
e5a68fd215db7882ae90bdd23e520faee71757534954f15a630d9acf8170ec5d592d8e8b55becad5987
616f6298c013558abe155950c8270e3fb3f7bed9d078ffec51ffcd35ff9da6f2c0ef767f7ef833c9c46
26fbc4b3d706e94529069b3b477b7b7bfbc76f7ff4f074593cbfb3fb95979fffc4f3574062b0e40ff04
684cc3b373600d4231a2fcdac1ed06cb0a62bd83c8a4f2a3a70868aa15bd671633174663df9d1f6622c
8ed3d1eb3f4f5c78c51ac55abff4be613f05afadaf62e8c8e06433581ebbae8ebc88ec4b856d339356b
3b9ca4bd31349d98be6517cceb83046bf7b2747f55b17c2f9baaeed22e223c96d7bdb30be9272d1ac8e
9727608ab0e8ab5c8b2455b04fd9405455361c7cee77bef9e4273efbe3bffa7ea1c5e4d2b9cdeb9793a
ffc5a341ccf0f0f93e1b8298a1b6fbd79ebd6dddbf70eee7cf8916d826f5cbdf68d4f3e7beec2b64901
e28f2950885c3b0d4e6d513475535460baaa1c7e360da15289d56665a1c25a51ecab31e4e4733db5b7b
204d29474814dc5c168566b7e4d993cc0a936c74e31be065c308a67d6b1ecb7da6675e69a7ef2afa48f
bb3b6e2bc94128b901ab0f55937d42774f512244fbe635c615f40a47e0a247b46de715643e7d8c5ad43
50967f8c9d428e3bbef1b3a533a68f6d78b9df53cb32380cf4d32a03a0838fc89a96bd0e7e7afeefcf6
ef7ee3e0bddbfbdf794d446123ede0e2f9fb477b8bb29e6c6cbcff933764de7c321b7fe1994f64cf07d
b1b03ddac9b304891ea0f4e6e2943709ceba2068b5516658e4532155642d74876055197456510626e7f
e2dfbdf2daafbf0880246d34e54365db5429608689eb461618df20a56d2d8322484b84dd30b06db90e7
4bb08a24bedf0f27becd192bcdc89b75d32d60fbaf01486901bd370d31a9ff9c1fe569ef64c613aebf0
9bf55515f410bcd0d6d3f0ce743ff7bdd988424841d5b6c3907f3e49b8c51c9773b0fc09ac29ace67a8
eb717a631b2bd125c28cc26d5e32998a2249deec4c329bcb0538f96c707599dbcfcf297e11deb7c7e7a
f470be9cad9627c9742023801743723d0c486759acd6cb659eaf01011675b32c4adc22ea0a539ba0698
ac968f4ebfff51ffcd5cf3ffcb77ffdd17ff7cd6b5ba3182bdb3d1f44dbae7ccd33878ded2855543e48
3310c0d16f84f114aa334dd8bafa7c19f4ea603802c8e13f815d35da06f841eb585987ee58b185aa9d6
481724413639c0ae6fea45d2212bd5dd2d7923b88599e9fa15c41a0ec7228dc2288c2b2c67fd65adbb5
7e9760158a078ba35186d9f02058f0a809d81215c5ba2c42b04cc32cd92cad98dbd88a0bdbd178b465a
f6caed75831b3bf3fbff9c1fcc1ed653107d361008128311d0e39f224a344e7cb2a5fac568bd3e50a30
0388d1aaac8aa60a6488ad01b409ad7df2f35fbdf4d8e34f3d79edeea39bdf7bebe49f7ee13c37af83f
56e5c6983730d1537cab6b2eb8bc7f903d735c1d87e67f133fdb76cd799bdabdcb4ad449ee93bd7d14c
dc581b1760553e79cb81750aff49eb4320ac1c95e5f6925de36937a5c8c350aa19e7a892f5a90ad2138
adbbc5ac6faed08159f7a11a77a79fff0f80adc4d14814b3adadc8d075b5229e32ad9a44e941a45ba3c
5adf9c61aa5d5746982acff3fde3f5d1c1aa5e96b2296ca04b31b123c5557d710c3b0107adaacaa3d3d
3d3d50a5e5c17550956888e3b76415166fbd2f5e7befc5bf05a51ace0ab3ed82bdebebbfae4f5b121da
185926695ce007e927c8faf38d97387ae9fb2a71b132e504ba608bedb80bc2762d35baac52bf8eb9558
ac271183d3c0b5dcb06e9f85c8dcf5111f5cf8a5e67d73639287dad0c3c40e30e44205d28810aa1dd28
191f40e6edb624d0dcc19ada3a58e1cf57543d2a4fa263b19125f972152a950eb7a84b09a6ca6418ab2
4058128ea653e9bad0e8f5727274555554dd394b5865b1f44d8e946ebf1c6c6c66498a6499244713630
35b8abe2e8f8e4defe092c1d3cda6c9d574d6d7c6fe8244e5efcfab7c6d39de393a3bd470f79c4c8f7d
f3ebdb0196f8e122cb9a2d48434cc7587bd558c790597a63319dbab0e1ee3147c2c81d77573209d439a
d20f59106d1c5c11f5cef8b937ed88268eea86ed740986794e0f199c68a3b896d34f9af23bd4f18a10f
451ad5ccb6b71945bcbd165df07997ea71d3fa20bccbbaeca54445a47c5edd9c9153d1a26f1f1c161b6
b11b0ec6d8ae0bb416bc33c9e26c8c41b75a271bc6c443c0614345054fba015f0f3c9f2889c79b13382
24982fcbaa62aeb245caf1637ef3ddc5f2c77a6e3bc2c97586e1e60d5264671c4939ffbcab5173f034f
7be7a38fee3d7c40fd99e5b2307ff9e6f13ff9c2054501023f118538916dbb194a4f788a4d207b03ae9
8d0e8c23c3ddea2c35fae5d10574723a6634e6aaf842938536b4be214faf258ee8ceab8e488d5243c68
0733e4d93e3aedbfa4f0dddbacef43eef521d5a4930360bbbe875cc7243aa8eea047a44c1117770eea2
b1bc3aaacd28307f170432489ad751c8fc0d34a4763d8a7d1ee351326b079baca651819006c8b936635
abf2a5424a2ce837505c4bf06aa3d1860cc507e
ffcf29dbb8f1a4ced9a39283b0d0b8845ea60b22e3df3f24bbff13b02472bd47ffbb7dfc39e0e6820c1
730c6e1f14df7bebe8373f759e187c3cc58cd7c60593bb21732e87245b73223cd7d737e6a61a56afc85
4bbb1be77b16d7b81fb2c539f64cf64ccb055859d88f8383c759c08543bda2970cc744374e896114bd2
64dbc242d58660a9a45ae3960b566d926bd5457f8a14ab42dcc2286ef281b973bc3c374a83bb7713954
c8d8837262aa6349d8cb0fc3fca4432401eab296cb1b0c55c956b6c17344a659c0491589e9ecec113ae
9ab10a8f1fdc7afd67ef1eafaa4b9ba393c5fa74d5a06b06d8b5a9b72e5efbd5dfff97e9600c8f73efd
e9dbf7de5fbbea1349a2138a26fdd5a0d92e32fbdb0eda1b4f5269e4a596d474591aeffb3e51ec85cf5
c8ed2455afe15c3b5641f864423704cc5db8c7e6eaf8fba86b42229475d5fddd7c432122f2681b5f00c
3edbe8d27c25aa65b4a97baa59a666b7a0db0794e09e7d1a9821e39d5aa6371b4310e471f83b7a5035b
e8e6d1acc8eb200c6f63dc2d4b42b150718c173c3ec60f8cb705c08a38ab6747cdecd4940b743401154
4a3a25ccd67a747274b1bc6b393c337df7bf7ed47475912175573ba2e0163462a6cea6a38ddfeb57ff6
07d3f397c0a801c6f8e10f5f79747c2cbbd816aeb352e247ef9dc02b5f7a6197ab8eda894286bb6eb41
35ca87d76d767da06dd50373f30b04733e09571b65e7eacefdd995e453e1c2b4ce8b6c7cb8af43d56a4
d7be5d9bce365217f472826d075fce50f8b677dc8b48ba64af1b4ea5a4736e4d2f82e54983d476ceea7
4ac72dbcce679533d9271fa783290d36d61b1799d188e044081e134184ccce2446d5dc484fade8a8265
46af17b3e3a3877b078f8ee7b01cb71e3ebcf1e85853bfe6c3650e8b0c46cb36759c0d7fedf7fe9bcb4
f3e5bd5451426070707dffdee5f79002c9d293774ab42bcfede313cceafbdb0033e38f57f31bae36e30
2260fa8df3793bf24f8bc7794e92ebc16afbadd0d43f5419e323e52ec6c68b1e3a94ccdb6bdb28413b0
84444a25f69ed477976bd5984e7ac12e1c276b36e98fcca28455b37364362ec8fdc102bdadd6f813e5f
25dd084a6bd74b7df3a3db51185e7be2d920d84907a3703091936d31de020f29a8caa6cc31cf275483e
da39ad5d1f1c3fdfd0f1eec2d2b7dbc58df3d9cad2b3dca9279816021cb628418c9e0577ff75f5c7be9
9375550900e0817df5d5bffbe0f6ed6ed29570bdb98ccfeebcfade2918b22f3dbf1dc598dc258977157
d6d558feee515ac370a6dcd92ee2684390f4705411b0560f9f195d0a21b2cc20c3bfa5d68db520bebe8
0c8e99c908cda1cc20f0bd7c3fdeeadaba36c9ae64cc85985c44ab0de862989952ef9279e752f22c204
fc6630fc3f39903916d06d840b5a8debf092b282f9b4a57db715d05b303c00cd8a76b9d97cb595dce4b
2c48af57abd5f16cf6e183fd478b7c5936a779bdaeea2892062705aa01f68dd051927de6b7ff19c0b9a
6aec1e94bc270ffd1c3bffcce9f5be726f6fa408ab6df0f3edceb3766a7abead34f8ca7c3781805d864
02e086762338755bd5ef04cbd1586d3b2ecfedd0d94e0e1d1dd1ba92bfae331e17ce749def42e36608b
989095608d9ef9e2c6d3b9cb20dbfbb599bbe2b14b35fa4f20de18db01feff2e1c728f0ad320d9e9bf2
b4fadda5d104176b1adb5c7de1f37befdd99af4f7efece87459e5fba7209c3d9586804801b9b7d15cb0
54a53dd2c96abc3f9f2fed1fc3e36de0a2b2bd605d1c4b0795038180c8cae8338fbe4d7fff195675f34
e0ce06b041117ce5dffff8f5f76ede922e39e3a6d952f4d4e8a0234a814978fffefaddbbb32c893606e
1f99df4da4eb63b8a2603052e1db8093829835696dd11c5615971b6bd605bd5dccfc1591f386280effc
4657301938d60a657cbae6ecbdaa66c1c47346204a611e89119c3ddb46b76b6ace2161f466bd96365e0
9926b20aca33a18326cd2e731e98869e39b8d70a798ba7ef96bbfffae79e5c6cfffae29ab9fbc77eb60
be3c37190a6c858b7614446bb658e75a83523b2aca59d12c6b61d36df04017c707f064e9003c2e706ab
15f78a0a217bff28fce3dfe34a06d9150b371159e9e9cfcf0d557d1415528e1e6ac1c7595a99485002d
0df6b2d6e26061f616ebb76f95a3446c4da2272e0eaeefa49354365466a39d64f482cb671a4ada7612a
027d159f931e2b7f5bca1ae3f7f1076cd55dd3417d14df0c1991c0c1cba0e549439f6d3d15ccbd5fe14
2cc9914dda61e9dab9b95e51b87792e3b89433b79da2c3200c7c08a7c452b4e278a5453a79eae54f3df
ce8adbaac1253dd39983f5a06599ac4a6920d40ceb0995c0018b04a4bccfc3575561480ece6a7fb691c
0f0613103b802275598a287ae2335f995ebaa29b3a825d0b136ca226e4fb376ebc77e326f1ea54e09b9
0f5ea1afc1228152bc08705e88a341d50a0849bfad8fd9579f87ef1b3dbc593e792672e26e30c0baa8c
9f052bdbd92d9ea5dfd2bedb3e39ceb4d93631f171bdc8db15767d73d8d4137e436fc2db7522790798d
0d0d2ed8e1309ebfb80f076f85d526747a1b4bd9bad0bad862d95cdeb60ea6e87cd97d6b9393c6a6e1e
346fbdbf7cfe1f2fbefad92fdc7cf52ff610e915535dd6955e15faa434d5ba0c12f8e8caa8bca800049
4f96a51ad9770d63737c6117671d55805501561929c7ff173930b97e08992749466f0ff4192c6eb3cff
d99b6faeab1c4e854b67fae8a5e46ca574a58fb0d561149a124b04b1efae8b7181bb0fb74cdd00adb9f
1d0dc395c3dbe1b5d3f978c32d4fb1a4363a43c823e19c2e387cee36a59c85d572f7166a8050db9f2dd
6da9bd6c2fe8e44c3a56bbf9f9842d119f67fa4ad7e9ad5740ebbbafb96119d207f2a58bea31def79e2
cd600619457ccd7fac347f97b0fca3bfbf57c1560037011c3dd6f3ffbd263cf7fba7ee7e7ab32d6a024
2b13e78b42af555054f9b25e9f34c4bf0445930426c3694a634004b0691876ab6b950e371e7f617afee
a683c1d6f6c8e46937430489204eeed60fffedbbf7c379220bad24d5ce32c8aaf15a3934aed90b1fb92
02ab9626433c4c5cf3ea1bc461e549804d467510ded833f78f8babdbe2ea6e324c1429142e84ea8da6b
467fc21041dedf4ab2e4c7a96a20c109c9bdaa0bea1a063e876477b7c88e104215b8fcc8ff4136d8337
57072a021feba55091a4e60d744c7886b1927eda6440cc0a302cf342dfda2bdfb95f7df0b03c59a1068
bc32849c34114c1d68ec6231b46cffef63f9feddfb7c7c708c99241930d64b28a0032d415ec7aa322e4
e3a1e0480cec9150718b7c33188fae3d7be9a967772f5c1c8d370700c6d3411aa7a0beaaa27ceffd9bf
71f3e0099b36ec632c90d2910eb3a62d1f8258572845dbb6c10c789127e3487e011887d6209da3690b7
f7f6ccbdd3d593e7e22b5b091738352ecfd36faee193b6c6b5aa112ebb7f6658741b9f0d7d75a5e4022
ceda7d5bb1a500ecc511b4fde3cd789438a36a4c7bdbd7c177e3732939d4127ca5675114421cac6dcdd
2f7f79bb78ff7e75b4c0407514ca24c1a61834cf3c845b0798bbb5b95517c5cef32f3dfde56f15dff9f
7b9c81bdd44f0d60c7cd2d460ab3a89a124cc905b09800fc7bc94d41517c46ab4fbd4cb4f3cffa99d0b
1706c361020a2e050c112337a8318bfcf4b5d75e4550ab7820a623edfa98234fc7224922395a630da88
5dde21402336f980d1152509cab94d8d5814fe5b578fb9ede3f2d2e6f479b2399b44d765d08dc122d91
2264edb93d3bd6c8f4da4070f5b923a4da9e7e64581ce876371104b181916e6299e90d9de7d43912cbd
8c491eaf630c30611354005593d5834efde2bdfbc953f3869ca068130b672401953210f9943f292d0a6
190f86d3cda9407a42f9e4d7bf757ceff6fdb77fdc540da6f2e02d091ac11a87d0688573eb910104db4
3a9161bed5c7aeab35f7ef2a54f8e37360024c828a4ff291f7caa3ffaf0d6fbefbd0b7bd6511c455b94
004a189b4d29c1cdd0318704324a05af22e8582596f53df5c033ca7646d6f5df17f260191cadeb7162b
747c1b96934cdb0d796d5b66bd866ce4e15696b66fd5074729730bccb43ae5cca8a3d8616124bd7258f
cab58debafc9ca8ecd11b75893be9b7b5b19aafca4111ae28b39ffdb07c5dfdfcc7f71a75cac106b872
80f5467a794ef3b4e15fba43bc1a44c2793f1c614234546c759f6d23ff957e56a317bf0619317d2d470
b4045a2d510700c519ff60cb47910c9ffec2375ffae2d7ce5fba8c951354988826de8f4dacaa1a1ee3d
5d75e6b4c2d59e67da762e1ad7c8463b584af5f405e134013dc35722d98cbc1984c485f55265acaafe3
9f70e110bced24b78b42dc3b2acf4fabebbb51164ba61cf8125ae159e38eb66a6d87eeac0f46841c268
c90dc64556fe4a2eb85c2c5d2925c548a53082ab1c775656fde756375fc63e760892092007de522d7bf
b893ffe8fdf5870fcaa28157c2248e39566e02171f0b5cb542c8dde12d8a84996e6c0c0619aa4df016e
b7a7ce1dcb3bffd5fbef3c7ff57353f50a795ac651487351831e260e5656e65f8f8e7bffa6970579f79
462173565bc720f3117d8a7a00f6fee0c3db3ffef1eb0936d9ef4d40f1088f5480f2a42b2299c00d584
3bd909d03e106dd771c79c3f9333f07c9b47c2e2e5fc5207510de3fb527ebe6c2a69c0ed530c2b3eb00
9e6fb3e9429ab69d66efcbbe78b6b823447aaf45b87121d2ba3223e40f05ed40746dd92f17c2c3768bb
356da4a1e78318982456edeb8b178f5ddfce1516d9029af4074b8a809755be739e28540191156319686
18c0420d476315452eb528712eeac5175f581ffed6cdbffac3c1682331ba54b2d0a6aa1a9088a73ffff
5e7bff1fbd75e7c1196b82a313f6e412d9207cfa346344741a48da3f4877ff783f9ec783018d27b7028
8fa4f9b22ded90f36b74ab2dd30d7cfe5009d98e2ce0b27d3c58148851a24b7dfb98384d9630b66d620
73e78599b5b074172624689d91ac9ed914c23a2f8f237594f7f6d53e93ed1140ad9b5c6e80d0912f468
ce11d346b7959416bd55ea13d18660898381cdfe488d1faff59befad5e7d6ff5f0b4811762ec4d2989a
ec635b452d8b62902f6b356b443c47a7130052e94656914713fe1b6c024b8fec52f17b3e3473ffeae2d
96a1d591c1a6f85ffdd7ffdbd35ff926ec6359e470c37112350dc008c935d268e168841a3205943a3d3
9fdc1dfbd023b2429de15524d32c65394f4b349b9c52f4a8d6de7645b1b611fff367f461ea2083f3eb8
d011e35c7d1009869b676dda99cc36281becb9372fccfe4cef6ca89d713808a90e851275a69b48db75f
90c19156aeb798d6d7348cc4852d1772fe51e7093c15efc91f55b8c8b2df667f5eb1facdfb8b93e98d7
00d452dc518450019572f389b02e39e122fa202ef0d4da70b505060841aa001ea459aa5c59aa57a3d62
6897aee1ffd1770c947affc49393fb1f1f08bfffdfffedc977ebdac6a831d7094238d096aace4ff48c9
f12a9ba4e99fffa7bfbe77e74e3a1e6a021a8424b40fe22866a4ba4a546aaa18d09c1ff8ac8af03433b
58dd61dcf23468ddb7207d7c2dde302d2a592470f582f4dd86f4ed3b82069a45dd5a238d2274bb33311
5be05928ebb3745cd8625b4c83115dcec2f52606fa508109447f5434f71171f3392d4ddf4077a8d2e2f
d478c0b56cbc24652a5201c4c2ec794b3f08408d77882e980702610134b9aeba6dd845549c379e0ebb2
3411fd714cd8ce5d9679f1fe1baf8697af7cea7ffe3f4edffbc5e653cfed3cf9545d6be13d1c8d4ddb5
d1e86f68699a51c98c2adfbfe5fffb5c2d9dd4ac452d7f40ba4401b37588857df75e773c9234db1ce30
423411717b612e740c5ad2671b29f5c50daecd33c36e49ac1ba22e735e9b8b9c349938255745b0aecc7
e6cb633b9350ee2908e58d0a63d704dc85c7b5fbb3f638b5d6bd335569592c1bd7533c2e3509eae0d00
b6373e5adfd92f6b1d508b13497c4ee561ad770c315ca414f715a18117f0d88a22e71cba63644bd9eb4
6c9281b0c950adb59e0f0d9baaebff7fffc9fcd7af5c2a7bf94adb5bcfaecf6934f696dbd0361f9f032
2703141837c03554420a0725cb921fffe88d9fbdf9b37490910d06878c35199c521cf1c3b33e9c9be46
e9b78dd387e4172777332558e09457976b7b3348e122db8e43cb7c3653e1f4a834514e17f43d103caa4
6af2af04753e17abc214a53e5e8ae9186c957023b07d977e24b37365686f700c434cc38bea5abf630f4
58bee9dc4d78f57f6671fcd5f7f6f75b224c62cced223d0a054d08ea173612ef2e1098e335317be30c5
eef94e93d0345f7c7a8ddd061bec9a1ac8c170c09177571429831bfffe4f2eef9557ce3f1dbf7f2c9a8
3d1306e2e5f541b233297670a84e98bf8cb39828c0f1646f11f7dfb8faaa20048828b8d480144a5c6fe
0041dcd0b01ed5ab02675982dbad340f71e77640486191082ab97d16851d39da6ddcc0078a4ca2d1a66
221471657ce09f676d7b026e22803f70bc3230c5afbd1899eadcce6504eb0b8c4721e89f6a81b03dd76
681096bd63cfb0e537817284b3fb37bf287ff8ee72bec2b9ae326c1b09a1c50f785eafe0a9270147591
43f09a115d8cd14bb72cbbaae2c95e8d1d9578dc66a30ecf61347b6d6e3f184cbe5e03d711cdefac1eb
f2c7ef3ff5f40b41942014893050626edc0d3ef77c6fac5b3bb040f6da8ea2ed0597f6c30f3ffac1dfb
e32188e848f12e38874a4a436e81845e012030a358a9c40dfd8d1b24780f96b3796c835f69446722449
094731a0ed090d8f6de6086c9bc36b59375232ef9b3b9be1ac6254e3210e3032e0488040c39a98bcb0c
7333dc9c24bdbc9200545c96121afeb5c1ed6b888b5e975abe3fead8db1dffefbe2a71fae00e2c51c9d
a3a775cec6c7bc77c248ca57d292a0516c4e51a9b075393241271ae78f8206442508a8add9d8d8606b1
f46e1fea3bd0fffdd1fffcaf59701ba460a2348
980f29aaf90fff7e3c4da3a71fc76a306e0547926ecf96cac1a6c469fc677ff21747c74723aa58e2b3c
3c92bb447164107ea229c0bedfbc138a10f9baa62e8e75b022ac9d419ea48c4f89de6ef52e68986c176
04a1de2438ef4fb58d59113f2a0ad134584c5ad2a9c5ea3662e2d983aa5e16d5e31747a314558a6f9be
49afa4be6350a5f7624592563836df1dd5fd66fc00e313982fc2bda21e98bcfdcf628e9682cd2d1f61d
d729862d081507bb3096631b266d3718ecc1070e313c804efb107b023af9f8c11ffe7f9991a30bbb699
26a95606ce1647e7af3c3e3f76fbef96fffefa6c8fd4009de24f7a7050e00e5f7f60efffc4fff2cc952
d30e52733d5e00ac860c0df034e181f24917eaafb35e2f56eb5992242c079811c0a3190a36cbf80dca5
0818420aa1a0194d04d66c365080958283f182268c71500bc644b06b6167cbb1cfea9ca1c7fa88bdac0
ff6b6d16ebfaa3bd65dd10c7c1b555d118c7e58e36d693eb7dfb519ca8f7de43f3da8d353539a2310eb
6ed911ba8a0ed15d64ef6e3d48c6cbb84e1e0a990a66e51e042bb8960b5c0e155513b1cc6a0e7186c6f
6f23cd3f0c6fbf77e3dd1f7cef739ff9968a63b006b0cd8b87f70f3efcf0e0e1fdc56c56dfab6f7de76
f9efafd6fb53bca70b11524381c49127fefbbdfbf75fb763a484c1be725ee0cc6e570acbda4be85d213
d64061e8c5ec64b55ec04a808d4ce2c4717c91b62705b715768379fb93df1c7db7edcd643db190fe4b4
b570184f83f8e530a5381006197aaaaaea988b7a17a7e4903d4b0146cb5ae1f1cafc35ebf2914fc1e6d
911be961da014c515e077ffb6ea90d476a94af22701d5ab9699e69c118432329baa8658065217559605
808f9570dce1b2526810ca5afac2696a8b1a34176e1c205f82df8f96fbdf6ca8e4ccf6d9ec7a9672a29
0e0f4f6f7c70effeed559147e3f120cbfeeadffc9be4e9c7ae3eff62d3d88fed135a6c2597f3f5b7fff
0dbd4ffbc6b50ca540f8a6fd45475823f868821abd9fc60be9a633bece124a539c44ca85628ec281cd6
8f9093ceb10d7cb5abc5b68c4183f85677846fcf6f4018815ac3361861812fd655dd94755383baa34a6
bda190aea50d88f0773ca83d38ae7c919e19bb3fad1e9a26dd30f6a137cd59fdcacef1d69ea33e94874
d60fa27595506788c71c3571d9681570340c0c80ce8b3cc9b2aa00116a9834eb9bb391cac1a1bccd935
7af6deeecc0c58ef61eddfbe0ed67b7af8531d8f6b45acef6dffec5db376f586d92ed9dd174faa35fbe
be9476be776a9e3d5333dcf274b22cfdde777ff0f337df0ce31865c5da76de3735d483bb8a2c9907d02
427a747a7b383244c37a73b603c85b56eca2d012485163e6ca752f0c04ddc1ec3a3fa84efae1506c6b8
12a2b6d5091711d37847509e169b6196d8e50fe769617caa698c0bc2d1273417535246a30a880d7fb6f
05fd96e1e134f470f4e73fd930feb44292fc4d6375f943e381490697253a9084fb2d3872117c75ea58c
595914abe5bcaa8a98480832e82623632c4caabaacae3f7e3dcd3278ede63bbf0c6bf3fcee3539cce00
ac71f7c78f3eead3050d9eeeeb973e7df78ef8da5a97efb7ffa5faf7fe6d3f96ae59bd25b5f41cd0ea5
f8a3fff0475553bb6e9ca2a31648b6fa2e5f87a139d8a1ede9f90b97aec5d84947b3ef010a0eb04c146
35f0ff6f5c9ddf5dd20ddec94963d60a946d891e944d75a1d2041a3ab2a49525812ec4f50a300519011
fbbb59df9e58b8ae1a2e1c0536012b447bf96ccfe512dde85f4a0e89b7ee99c3997165056e6086f03f7
0e4881b310b47b77301196e8582d51a1c92323c2f13141a4061f6027ac3005943c22d6e6f6d45719caf
d7f7efde7c426dec5eba1a8c46e5c1e1fb6fbe55e455b2bb7de9c2a5b76ebf73b03afeca7ffbaf9fffd
a979314278574b458ff274d931befbcffca2b3f200340e6daa5f824e135cd190c8a0e636b95735b9761
99c07e6bcfe0c6522789db439e355738a2bba128b14edd795c7bc176aaa8a1923b062f6880e81cc2126
30b09eaa703701127d6a1f4d0a00054d3c68dd9652fcaf2ade272e1183084911885e7062bae93a06301
538602ecc5ba366fdfa951f911e5d3779510fd1e2bdc2a5bbaac206e92699b46f1e1c521b0d8683dcd0
6e02701a02aebca7b32d2b7ae57dca6112c4d9a24c7077bcd6afdd8f8e2d1bd3bf3db1fddfde8a3a3d9
2cdad8984eb76f1d3db8f9e8a397bff9bbcf7de31be92086a78d9100e4a2c67d49faf67ff88f4727c73
8a3d02553a4ef8781ae1c76099064cb0dde609cc40d2964db3a5e2aa47933311b206c142f5d5ed64f77
7114235f34d40e6d76096a2cd692a26a2a38762090b008f0c760c009f0039a224e044b0e61b82d60c2b
9c18697e0c799c07fa5e31949db915269c8a1147b33bbbfc03507742629d8e5e55df2cd4a5f506e5ddb
767c3dc29e3df803dc0f6018f83258476caf845e11f674f44881c6d772f40d03357a6334f8ea377e133
67eefe1fdc7c38da79ffdc43baffd1070c6f9abd79f7cf1f9d4060fee7e74e3ee8dedc7ae3ff7cd6f8c
b7265ca2846581e86334bc5518a88dc2c3c3d95ffee577e3840be5f854fb541b8dbf14ae3207b50f682
3b89f5136c0c30bea11ab71004b522b5f8a225132069f9d79ba864fb3b6aeaf674b08378c9f3c875a01
80042010c0b35b1c4f8d55774428d7184fa14c092265f681b8c90ce1194b97c6bde44491f0316e6bdb1
933928ac3400bc87b0748c4909cfee25e6eaadf8ec28d38e0b664ce4342ac005768ca128bf1b1123cc9
62843401ebe0469b6e1280abbac153bbce57dff8fa373effa52fe665519f2e5e1c5fbaff8b9fc9f9e9f
4f2e5e17098a854a6c3dd2b8f9930bcf2c9cfee3e760df4101b186aa2a1015fb46169389ddfff9b573e
ba7533c28a41176fd32e15c02d040917e30d55f017f7620769190f06cc26c5d12598d6a74ca0ab4ff2c
c6d9f3eb59e71c05d3adc1ca2368f43fb5f021025184223a5d13fe488322512894a6e6c4d7be6d9d626
e03b60c8880d6a7dd313d11624e3c7a89b8e30cb52bffbb08e41265c6c8ee932017b7ed247bab8436c2
87d4545808576f045b18ab3388d14fbf192bb91609361f60583c0350eb03c430f07d17fedeb5f8d5354
d0d7826c940e0e7ef47aba7b4164c355992fd7cb300a6141e341b67bfd7a3a4c5169219305e13c735f7
8f1148269fda7fff1cff97bdd0c37e1099e967b955107f6c072a2849391d83d278c07c3e16abdd47505
800eed91724fe69b367118cd3063abadf4e3600fdaacd01945f8755dad418bc23e834e0e1c519ba5c8b
0ba738acb1ad132feade91a8313e4e38c0a558151b08f63e974645015005e389e6b2eda5381e89b6567
b9a49b3eebba4ad2b7541a694ca1a37fb031e4b658f87f541d08fa305e2bfcd4075024f0f7643c7cee8
5e7f0a5fda32b4db43a38b047472f7dea57022c2c57d3f10450d828ca06090ec662b9c11a2315524415
0342009a70e8691cfeeca7bf78fdf5d700ef1a2ee1700d17a44f9c5932942847d4eec2b7fda60864511
4f3e50957ae310792c1948383aec588a035e3603bdb1fee5ccfc711c5b441de2b0ecfb5d81887a67b91
7f42d9193c1cbed592e5048d38333aa257a26f7d452445d23de0a2e0097cfc7069cbc611f2b98b249b1
aa77115d15124db3ee9aa6e2856a4684a9bed75eb27875113485514dba426f79e7706200afcb98b172e
5cbe7615634837eec2b13efee55bbb972f278f3d0eef0ab358c7d174349671a4856b7cc3e93530c80c9
70d7b22c8c00afee48fff74bd5abb203aa73cdb6911443145ad432174b486ce38517cb2ae0e8e1e5cd8
be3c184e5bfbef6b74a447f854106b7d999612ec30055cd548ef4084ad359229a834c7f52f228200d12
ed134603b0452b941d056e07601b6b6c84c3257864f81a1a5d41e9fc033dc3baa68801c39d7eeb8509a
5577e448494c091f4235d2cdb652bdc90adcdb071584a258165fcbbaeca54247310c018e3ef9e4e31bd
b9bcb9b77a3c3058862f3e8d1e6732fe4d82c3f02cc3a1d4d4aace98ba24011f4b0dc56855799225ba8
4fabb2f9e94f7ff917dff94e92251c8453c2172762d4108f7463b1d57e1aa50af3e2d60f14404ad4c34
77706d9e8dcf92b3e86d7da1daeb64055455d068ca325d34965320aef3427b7eaba00a8240226ec185f
9f6aa83299fe420ba270c1b101b1f1d112068aca77e995bebadd768d6da9732a593f6bf2ca3e9a61b0c
445138c6dc3efa62d33146daf09c7cb82f3022b2edd8046a62d387469bbc63ad4bd47fa421aeed0da34
4f3ff30c5c257ff5e7d3cde9e2c1dd49361e5e7f723c1904651e815b27cd384ae0f6b0af60be267caa9
1614a91036cee4462041aef87afbcba77b0a7a8318d72a3d51cd706736d1e7ac172605772f240909413
25b3e32338f257af3e45ca5eba49485c9add956cfba671feac3bc7d6b57440ed5a35257e651836a49d1
0ebd3f402e95d68a2cd590ab0561a1b1d055db399ff9fab2b6172e338af7dcc096017d893b724572227
4ed995e4e7a7625927a544961959b259b26c4b0a295e7b6017c7dc33ddf9ae1e805991d28a0b0e30d3d
ddff9bef7701f477a4c99953661a28d49cf8c0d4ac036d2eb5add6c035b7410c332522116141e87e132
c9612d2139f0b304387e88eb150ddfb2a313b9000652e0c1e5601dfcd7fbbffa55f3f22a596ed564e65
ebe5efcf297cd24430d0b147cf51022ea2446c6a0a1af8bc2136ecb44d1bead6bdbaeaaeac79f7e66f7
d8cb951677eb199fed24f3aceac2756d9665a27639f437eb8b3be70ff338f74c23c2fc8f5233156a3ae
d0347ad28f3287a9c24a63c901846df42168aa073168421056cc3da8de49908d883a12606967dc7ed7d
9eadb36cb5b82c28900315094242ef6a5facdf027efda6f07507a767b0b8b064c8b09deeec5bfa1842d
b600292059e7b4c0451fc0a378e7e10d6d28a86b85053717d12622888f90ea6b307ef3ebafdfcc9e9c9
996a1a3f9bda870fd1a14f7232fb898730a92cd9f0344501a61cf121dc9f24a802184cf08ddf3dfdfed
b3f7d0b49d9d8e262282819692604166d57388bbdead8a24551fafce71fc0f09e9ddc1d84f4dc1ba15a
67cd5c3a23f4dc19872471ad906e0f4cb5822b05693b09b70f9415494836f0a41825b28e52260c1e06a
11ea25a4640f68fdd772f5cc461144250a432994991c4c5aaa7c0c7325d0d4df1f5611d47c16dcee329
29e32451ef784445b74cec85672bc7425e121062d088493da4100f1e3c98342e7e766117f3be2916f71
eb570c9f9219fe06daf263a42b035e63daaaf1bb06cc4972dd520b675f0693ffcdd876551981d418c84
c8e8b75dafc9f110191225a3e09f68f6a8acb6755b3cb8fb5e984d1d1c4f31230395f18173c653a9666
43ba78aa50d347a2d02d2fb1ae3201c97c7d90e3750859bae85293356796895a8ed19b0e05464c7f28e
749b244962efe91ddb0a8e50ed88bcc4328933d75b4d2a2e3650217ab0b0712022e4710c2cca63eaaa9
9ff93ad97e0f71926a88690496bc276290929c25b4514e8f55d75ffdd77ec773fe6d3291cb728cd54ac
a26de552746fae6f0e67d9babc4df349e23c4ec9d62558b634cfb0af4a5d289ad1549717578f3ffb9c8
e91c06a7d9822f6830f4252820a36965a0ce83b9257cffe922493f9fc944bd72ee883b2d325a252ca31
f7c6bc0876827b92a720295ac47181284ba57fea7deb3a2a3010ee9331ebcaf97db5d1d0b3264521b4b
9b4a2bd9618c479e94d48919499a9e46f77c3b0adb16ee1c61a115a735679e0163ef3a309c179d8ad9e
2420d8979250556011a302921e4903c809707847165bfb7717c7d9c5757e82ead86a7ad0afd6fe30870
7a8da06291e5d0f69e634cf8b1ef12acdb6ec9bd673958b6c1dec61b0d1bffffd93172f5fc6149407fc
138eef60b6eb04716808b46889df08818f71babcb98227f3f0e12f5883c229c1957285473399881e43a
c41648dc04c23e08938951c0a00c1494ae02b4e111d8bed0736697898083dcdf2d75c04a00aa7542b08
48c5fcbdf8bb771cb253259e342202dd35630ebc3451d05a22324209fb7ee01ca2f85cdb5d7b03f3033
5524d90ddb328b3c6bb6c1423a177d24ae67039a07032ab65e186e22c7b37c98e93894f327cd1ed2d42
1293093877d10482ad1163012089a2aa5a83ddc7a7d00f6c5e1d1a1a543df8e0b71f70078e3c8f930a9
bdf0d9932fb910b048b364ae09bcbeb17f3839383c95cfb1da936bc8a9c38ad269778c8e30cce051c87
a142d780620ec875d8d102e5210dc344c9339a494bc4300e24534ecab87117f418391118020faaf3638
8104a51838ce9046a30ce99f59e882d6b1d710178a49f92aa0e2b96ca648da72de218c9e6428b7dd8d3
59650c143d7a2cc5c0233eccf35fa8385f1ca1a5ecfaedd5557c7c84fba969f973764a6549022f59ad9
670ff902d531d32141ab0d4a4fffed71fbffde68f499a7a11184207e429f0737b03db3ef0bfc0738374
f2e2e225fcd9bdfbef7821111ef869d27372c2dbc945556ea0f2f6a27910d8f56d8f7a1ba8b8e1d4249
b51b90e4f831fa305f89b7d4fee9c37b8118e3447d82fd13fa2fa87eb99c96814ea0be22e388644e20a
fb8f90413c48ada582d6373117501dd51b1514cf4c203252213192aea5d2bbe136cdf406e0bfec4eacc
ef19d526f0612d53bf9f49d74124d7378dbf2f9cfe96486ae86747f695eb74f6ce2d204ccfd7abd864c
d6c609252214aca0ad4349a48f3ffab8c09041540528e00f3e9f2b5fd2208ba85a810543387db7ebcbb
3938759326147c96840aa4233476d34b610a8f2e9b9ab8925188730920e795dabbaaeb3d94c4796eb3d
8a4a73544a968232bb37c3f05782a9f49443906bc3ea6be7fb503bd76a37a34201391dad5129cbf020b
f806722d67a164e27541c65a4d91e63c458be63f07068f88d62dd61408a86f05946659c4ae4022b7c12
b05cff92cdce8e4e5c1a7757d7be6a147823b8d
bbab61ded2c78a691c17943e337ae815b8ed2c4666944749748f13d0c37d7378f1f3f8e9254f055925b
62a7c888f4569843e20d04697096bfbc7c01bbe4ececae23142d532938513a5623008af9352936830c0
4523a1c928770ae8343549765b1caf37c369921019de23d83825a687fbb8ecd238a15c670c827f0dbe2
c7460bedb94886b01c1e2871ccb64a051c9962c314852a2b045415026563b93cad7c167159d7b2e6115
c077c4200ffb1bcb4541435d7934542c906661ccefc2c95c984094505c9c05043b4ec1b7f757892e7d3
a1acebabebf8fc2ef3c50e758bc85823c737d251e3ea615dc610bd1d1c4ea7134e92905f419b3f7efde
d4f3ffd98e559d8f66aaf99c0e0533b0e3f70551885ca8af5a307ef23a2013f25b64ca9fd43e8bac0a7
403375d40b72389719c709a49c2dae445354c57ab38663ba383a7554f2000fd5218483120232c234bf1
e239b761c2352053eaf8628a77518c2d164004603bddf89d613919dd04d53811525509cefc33286cc1c
cf53acdf3e31584665c02a93a38dc3c0683b04bcaaf97fd141d9a070450793270277c2e0862653e3288
6237f68a37f7bf0c847bab95ac607073a892121c266475deb34de951f11e06bb7be4ba793c5fdfb31f9
1ed8802d047b6df7d1871f894e2ad9521f78b6df9a3c094300e0d461335e5ebe8aa2787174428106498
c40eec59c338c84a5ef0d13cd72930993ba0456ac6b5a58a1d5e6a6edcac5e23489b1a747fecc05c894
8e639ba754b3cf2669924760a2693403fc588ff699fd05014f1caaade891872654f1b468c422eb8a433
1c9de0970953e13181663474d669ac7b10860f432c61854c58459c808cd3f551ec8d51ae77774b06a94
1376e3d0a8c4484d3fbc373978747ede56954f62bd98a659dcc1c76a3a47a9af4d70c9188d80cf65bdc
ccfcee7f7ee59e2efa76959f7ecd9cf4ffef087384984b445781921c71c98c9912d36cf9431ec168ecc
bab8b97be71d3e2d0341ccfc8eba8ff33acb4559b246b860105dc275daaee99aaadcaedab680e771727
287a2bede89601e25b9c89c9d20d3680abe948e11ed6aac5d3595a3016cdeb18e4b197a94d3716f79a5
00dd83f3a4dbc1b71297a305dc347eb919acd5a300169381e880ea76e30c34f370310707cdcbf81d51e
48e4b493af4233f3d1d48f8a6e9ea7f3fbb73984f31b59ea4699462ca6c2cdc0a0d06c5f8b8e09508b2
e959ef66faf0fe74b1e00b0ee8b4f4975f7c797d7d85e98667e7417c173834283c46a1ad4e45194ab99
6cb37b189e7f32369a5a039eb46b50de6eb963681779cbe6029014383beeeaaa2da16d5067e787a7c07
568e41d994f391b80c3c43ab6079e0f420c0dd305007ab019087b76d4d5c4af40402abf05b33ce52cd9
11a10b6a71c51b433c974d0b2527ff85bf366e52c53d730d2c24432242387320c5c305da184e35adaf5
9214eef8f4dd5bdacf52b243d98bc1ffe6ce439da40e423708ea08f0ef21eb286bd8f92a8ab93600619
e8df33757affd413e393ec96733b67560fdd7ebeda79f7e0209d4a8132425016e4b7a8ed9a86fad4472
11d66ab9ba3c87f7d5a2ead973538ee32baed9e00d0e9ccf12e0c031381295024b58a22d9fd1c5d1f94
0b96aa88263060b7f0e2728893382ea194124a3dd1a2034ed5da73836251e553241ee2d1e14bab24cfa
8bc4681804c0220f652f2f6efbaf7e6c999fd50869146ae792a33252cd237020cf2606e693c00646190
af7085933401a4723eb084f35a3aeda7016d95f9fdf433b329d9091c5f812153faa16193b89a348619f
3f869c0976b19e1f1e4094319b9291420ffaf4cfdf3d7dfa344130b070c35bc10c7b1a60625e54511ec
6e1b524bdbc7e0d1fe0687146706d88d37adcaa4327fcf212a10aff096597f810215385c5860354d505
b822b88bc5fc14023619fa21c2d3019939c075d924c90d030b85584eb3e402dc99a726275a4ec302096
ea491f36f73a130d894a79799881f4330da4beecbbf3510065ba9b909080d9cbc90b6a050823341818c
ba77f8b8847b074da42587a685672fcc91ed7382f0ec3e38a4f76747778e4e15d3dc8207f2041b87906
168f17098c0068fef085111c47bf6ecfefd244be159b4849978fcd967558545d2c0214654800c5065bf
ecfdc82906c607dee5667571f7fc9165942e6177202b15c59530e5c2c61aeba1d853ed350102aaaad81
69b1a9c0abdecf8e894e4cca4ae4c751db48a383c12c75cee92f42ad426b0df4f2c1e349be0c493052a
acd1518dfc7fe81724c7c5f8523af66fd6c30f972e8942813c68a5593a429e8325136635470504acdac
45a86292471d422ab20a67ad7646240ab46c0febfdebd77303fb46936c40477a56ca4596faca05f3443
01e12a83ef96c50a2e78fade3b86465cc06a5dbcb9f8af2fbe48521c8ef061ca76ec953b256e5cc6c17
108305a5e5dc0f3592c4e047fc7a08360f645109c5948f7125bd8f8f09aed66d5a01e09c66629ec1474
a50c88c730ba69eb0145ec62542ba6895447fd3e365c8416ea8ca0a3c0cc63bd0f45d9f61819d59e0e7
a202c469fa4992b3e3026fbffbdc6d26ae8ba90548d0f75272fca06bbdc98a3a8bdbc95991802959738
2a92b8930050426334d3111c875f9fdc37a82a8f1683bcb5e9b62584d5388714e3800d9a388d0d27eb7
439f4e96c767072a2393af0feebafbf79fef3f324cd25800c3254daf81dbba500c7687ac9b937cb17a7
47f7e09a8ce7600c13b549252e222c1c8dc2a1b320243da6475159aed6dbdb81508b70c1f9e2944a840
2e3699a764011144d9182a5d33930ecd3516089e53d9451253b8dc5a40a02bd1d766b140bd356e20071
980a8301eefa98207bfdf246719bdc8c506d1dba47d26c1976b221e45d46391291fa1480a757635589b
98b4490917c4314c1163ad0fa1feedf5738dbcd531806ec6cbfdec24d18a4d38a10648b0fa98b6cda0d
ed66bb9ace8fb22c25440318c5f6f34f1e13799517f43f4e7739167f1d81df8e9b49082b882fae5ec36
dcc8fcf18b23150c38712594c1c9c934e39e53b6107a22e24daf1e5cd1212d5116e3e9d1ed26ae141c1
ccb6a9c132828f8b50c2160573e03341184e251b847471a68c380ccced1a5c6c3174a14ea7596b87324
acbbd2acbc80714ba620e06f87733e8e5daf1908719d56729a61c3cd716a51bbeab2b3b96723023b9ec
583b0f8411a49ea402ff20923e60ce5bf7ed3fcd160f8e4f70ed6364e8ea94cb34f212638b0af6e3244
78c3469a2c0a2549b6dd1b7719ef900537dfeecc5574f9e40aa18846678be1647d0595bd104400537b9
6141aeae5f9d9fdc8710dc326e08ce09e2dfb05c800b6942d4cbe867e985c02e4aeaa6d914cb113d6a0
9c84f7933feaa9b12fbfa9a31c982cc0a2c5818f48325842f880c21f30673ce8654204812a4f0532791
621a54e3d28ff40ac0f2c7587404a7e257a52b1b155ebce7ec45468cbb296a14ad90e8cf7bbfb7668e9
17a81999e26149d137af8c0590d8faceb7e73720ee9de00b14e9276be8f9d2a379ba1ed30bd48132a2a
45f08b5bdf83d2d5d06265b3e73b34bffff2abe5e5856c274a3606298c0a7b0f6d2ca1be846bbe7c85c
4c547c7a742658bc50cd4b21f043f4a8034cba6c65070486c1648010ab66e2b369fbeb22c87f80c4db1
35a4a155a14924dc13f3a150f9cd0ed8c635b036db625d956b081da413b1e77e7892d2d080033663221
ab3a1a15bdc565d1369a9616325014ee69b15eea8386590961d517a43a0f3b6cc68c3b298a1a1e7b0ac
6768c83908de05e8ca2092e89e0a11a647e10cc6d6e0b37ffffc0eec7058a1c6f914815a75bfd9e2d4d
ae4c050f114439bb68e7090df43e0ab938ce4ead1665665f5f8d34f299627a008a9b1692f8d72e1ef0d
729570e77014569bebf3d37b9672174f4d1d6e6ef33e638369843a09422fc21ef7b0c3c1ba5a08ebf6b
24d952413aaa5e1b6005fc5edbe28492d21a5084912432c1a1144b7d86eb6db5bf0407e171de8805780
a099114dc282c893cbb8db1049048b3a445eed04a021797f71e3c7f1edc0222a9ad9825236aca816d41
51907e3058fa1c6b95025483ba186dbcd3b481b092e70080ee9e814c18219a4e516376e597575134da6
51920cb05151cb05bd515d94599e6daac263a49e1944df99bffff5c73fffe9694ab138956d8d24344e4
09a22e946d126ecce1f7ffa1e3eda6271b647fc8c00234491bb3ea01f3168b681d71cc7c108e907610b
6bf78c1c4b799a22a00c72dbb2e8fa0e6e0052d738ce940c7b46e077e0974d26dbede676750d566e1cf
7d89b2da641e1880bdf8678bfd0c30fa428849c09747679669666d3acdfd4fe7a8367c22939444e5450
8504df51064e83104e86013d963a94d94f84b4f8242e7807d00623083d7571901cd075f792f46c72a09
25813d8da81efbdb986fb9bcc72ef3b14a1c2da097cc2218963f01cabbe81e54ca7136a23a9c78f3f87
80787238738203f0a352a517d161ce1ed0e36ed6ebba2dee9d3f8ac91c21331ff6a10416e982f01a8d2
e194724311c9a9345f1b0756053efcd102a6261351016426e8bb8862441d642ca5cd1caf9a16eea3ccf
e1f82e971760ee468e63cee9299d411c369524f87a68b121b268b003d5206a8583528d13a058571d689
cfc72e3b70db79146f19e20541166a4b4b77ad4a3f73c38eb784653edc4170c9b78d68471529c218925
afd8fe366e38078f9f4fa8828755907abd01e73a39bb33581a60e005c6091efc2f183d8ba223593a992
649bc5d579f7dfc8949ec28698d3850c6910d2339a31316fb387ef6c30ff0460787c79ed5779972899a
73ce85317e08d0adb4d03897e0a929b8fdaa2d77904ac155622b6e0b791b043df095f0081f0b76fbaa2
a132ce8a99be5c5b65cc9a8386b7853ef02195970de09ffa103e408f48afca4a83ccdba90dc10846574
7ca6097db82c349f21f3d698185b10cdc4ab52fc73a20cc715dc881b3032751d7487b511ed25eec2aa7
12a1cddd4d0b58f16a746273ec219a0beacaa9b75329bdb3c1d9a1a7737511242d2011f1ea7bcbae1aa
2dc19ee4b329fce44fdf7ef7fd777f89928c031a1e3731989bf8a036ed387c88711eed35d8b4bb77de1
1f0b30ed55ee7c2148397200bf1518864a7e178eec0428ad661ff7baf62a351be36abab1279c1922c42
4cb735ac9812590822f01e23bbba59deae970c5f653f05b11f0696119938724172949dc3167c5b62cbc
a8bd6950e236ad8f41b10d60371bd5e16c4963b0af1ec7760a5dd44ed0ca6a0128d4bae5c58424d7a13
10f89edb6a239e17198f5c18f724f2cc61b83339d009aa35638961b3317e480f16f046fd7a13cd17bd8
31f26f0133c577a6871d6a9d760f80f30e0fef8771f6ecbe2603e77c8843d8ac053f0296c7c2c651d81
fb7d7df51cf6c1fce048c259b587bba7aabff623f6186f6720900f6373e1517615bc73abf70a6b07d32
3b04b6d5d2469c62c0f1c2a47366eea1ad22148a18acdeae6f6d261d188092cd169a5c8058c270911e4
f4d610b5b66025aab2ed2a175a0b7202b8f6416cc6a219b3add5aba5c7aede4e97d169247261e629cf9
0e51d20d4e840f6bae3f3e300816485fc1e8bb5170602cfeaa0165b927d777fbe8869730d7505115276
bcd069d4dd6eb02196a7499e78d78055f05d8377d2349028c0d7643edf6eab4f3ffa38cd32aa9bc9f80
c5707840f5b097a161eccb3e77f833fbc77fe00a1e188e0243e166d69f24c48b8e0afc5016243656915
a123c004aa286e96972f3122d8fb3a3c5c805d4af2091c53f4313c2a0ce979dfd74d7178803f853304e
11cf37e199b40a0417ad4a9111743b84be65fae2bcc9c02884178fda56482714484b11aa1505ead1c04
0ec8bee947b90b66e9dd51c0a0a7b1ca8dfdff319c34dc4d173546cf1c983215e4853f2cf0cb53d94de
54a9de553489b118051f636cb550a1e46af6eaee95e52a40d67e8c4e06d925dd7dbd628f8d1e2e4f8eb
27df7cffc30f316e6199ca95ae32f9ff1139038f665b6e37c56d8663617327684d47d12b36a33bb0638
cf144531451e51095e73a9c38eee0a24d552e5760afda799aed3884d14b293813499a43d0882013e5b0
c53cb8b258c119eafb61b5baee702898aaddd8b380230781698a585dec8343c48e8dc3b6ad9bbe1e044
834ce8a86402d68d04754763243af5e5eef74407ae27454a129c43f40364b8a72854b88c3422a9799c0
6538b6f8bcf041d1a91285416174e711d1b4eb7308bbe308320188715d8242b2e5d555575474a49200e
a459dd4beade25e81019a64799ae71ffcc77f828f8db244ef143f3dc76a6ea7c8806efae7177f87efce
ceeef2a0a8971905244c46551fa4e6b48961c03e567bcb6adbd41584575476d6b0548e744c69cd765d3
9387f9334676632c5a29e1d9cb9553e99c01b6d6eaf6105c0901964ea81d5c96141517e218a186c0ce9
6005e1625bb95006dc63f8d723c9a848bf51088edfc107be2a1c0d400979bf173ef04844a4831c2d72a
40e9e276c84ed8f29f802f3b8533e04edc1c0850295e1aa1e44ae5d7b1ed9458654b8c861914426c95d
5dd7179760af1388cb6d4c819a29cb36c52c27baadd63e36d3c5e1f5f2f6934f3e8d716641ed8b05edf
814a9680489d7f5d56b7822d3c97c329bfb4095c9b3728a7444b44d1c4a30d52d3eab9e0112a4360267
ce56a17f8aaf1f06f596828be895c271841338f47d55acb27c0a5e675dac51af018d2fecb43c830394a
05638d90f8710bdba6aca2d66a9883495ae8d91e8587057231c98df2e62e2beaa7745e342a96d64d020
20b70d7a6e01ff2eb03a618d657e555650176662bb13bbe56906c745ff887910608736cd344e66d9140
b6a5906a1129cae6a79db16dbfc680176c4d162c2969b505801f7b3acb72a4ee747c7fff3d5939f9e3d
cff249d8133b2ce79e060eec83fef2faa5e663242d7f9e1380044cce1b5fd9079563c3e321588887538
51b9e9107d4557aab73caa501d7f7b07bbaa685
207b363948b2595d6ebab6c6c8d49818a531b2180e2a354fd1c235d5b62ab17c37345e441c996e88fbe
b7ed7a1a06a88301c8f5315b7e0b9bb204fc1774d85226f641d288064f20faa3830bb7b10be75bba8dd
f0159cf03b8ce29dc25fc49c056d57cfb1a69a832d00df03f781fbf9fa160e503a3b54d8b1346ae8629
228c03a7f59579b3598e024cb3ef8edef68f24430ca3b1a41e2f9e3381c5cc5ab173fc11f3e7af0fe34
9fd1d80113cf440c68f39aaad494c3238680cf99096938841558d1eb02bb84df231256797e0887a6456
1750bbe0b5608de224b675897238707096a3e991e1ecef37ccad47ce07cc0906e8a4d556f3a9401081c
5b58da8ec18cf09cb8de3924dee50303cd23ea97bb4d2973db22441fb0c46647faa9474add58086ec46
68e383ecfecba41d7d490faaf1ed5d5884b9a161a518ffffce01fa70773154599893adf55d79b725b40
e4961ccc9c8db1fb14470c0e89e2eccde6f5aad864f97b1757d7fff5c57f6769e654807cfb8076369a2
9916d8cfdd3a2d91c1f9ecce7c7833493a4372994303c22492868ceff3a08e5a91fa150b57628870d0f
5c32fc7d274388d3d787115272aa6db1812803160c5b7fd87542478e8c89b9856001891771b2a006f70
926ae6e2184ebf6062a39b78d91a18c0800f7a44e2575e2f19740c3e9d5ba7646ededca3d8e5a0699d0
a1238a4f4a00477dc6c0c935aa420694831ec9abdc2854c663243873d3357716b01f93289bf5604eabb
6babd82eba487339366cac0118afaae8978de1b16ab6cb675793499fdf19ba717971729310fed9af16e
efa3224148f4d3eb9fe1bb93d3072ad458f7f47114177ea833692c53a251f3935adad87da8ab1518254
625c0b644c0cc5efd1bfe3a3cfbaaa9c0ca4c27b3349b30cb93c59ab7256e597cc7aeefaab2ec50ceae
68b170e7fcff43781b2cf5234480da2486c7f448bba053cc5a236a66ff27c00047b77f2dd1729003000
0000049454e44ae426082}}}}
{\field {\*\fldinst HYPERLINK
"http://uk.practicallaw.thomsonreuters.com/Link/Document/Blob/Ib9d98ef2d06011e79bef
99c0ee06c731.png?
targetType=inline&originationContext=document&vr=3.0&rs=PLUK1.0&transitionType=Docu
mentImage&contextData=(sc.Default)" }{\fldrslt
{\b0 \cf5 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u8203\'3f
}\b0 \cf5 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0 }}
\sb50
\par
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb250
\u160\'3f
\par
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf38 \f6 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f6 \i0 \fs20
{\b1 \cf38 \f6 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
T +
}
}
{\b0 \cf38 \f6 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
555 9555
\par
}
{\b0 \cf38 \f6 \ri0 \i0 \qj \fs20 \li0
}
{\b1 \cf38 \f6 \i0 \fs20
{\b1 \cf38 \f6 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
F
}
}
{\b0 \cf38 \f6 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
+ 810 3110
\par
}
{\b0 \cf38 \f6 \ri0 \i0 \qj \fs20 \li0
}
{\b1 \cf38 \f6 \i0 \fs20
{\b1 \cf38 \f6 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
E
}
}
{\b0 \cf38 \f6 \i1 \fs20
{\field {\*\fldinst HYPERLINK "mailto:Perry.Pe@Romulo.com" }{\fldrslt
{\b0 \cf5 \f6 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Perry.Pe@Romulo.com
}\b0 \cf5 \f6 \ul0 \strike0 \i1 \fs20 \sa0 \sb0 }}
}
{\b1 \cf38 \f6 \i0 \fs20
{\b1 \cf38 \f6 \ul0 \strike0 \i0 \fs20
\par
}
}
{\b0 \cf38 \f6 \ri0 \i0 \qj \fs20 \li0
}
{\b1 \cf38 \f6 \i0 \fs20
{\b1 \cf38 \f6 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
W
}
}
{\b0 \cf38 \f6 \i1 \fs20
{\field {\*\fldinst HYPERLINK "http://www.romulo.com" }{\fldrslt
{\b0 \cf5 \f6 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
www.romulo.com
}\b0 \cf5 \f6 \ul0 \strike0 \i1 \fs20 \sa0 \sb0 }}
}
{\b1 \cf38 \f6 \i0 \fs20
{\b1 \cf38 \f6 \ul0 \strike0 \i0 \fs20
\par
}
}
{\b0 \cf38 \f6 \ri0 \i0 \qj \fs20 \li0
}
{\b1 \cf38 \f6 \i0 \fs20
{\b1 \cf38 \f6 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Professional qualifications.
}
}
{\b0 \cf38 \f6 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Lawyer, Philippines Bar (1985
}
{\b1 \cf38 \f6 \i0 \fs20
{\b1 \cf38 \f6 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
)
\par
}
}
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \i0 \fs20
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Areas of practice.
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Energy, infrastructure, mining, oil and gas exploration, telecommunications,
public-private partnerships
\par
}
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \i0 \fs20
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Languages.
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
English, Filipino
\par
}
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \i0 \fs20
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Professional associations/memberships.
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Former president, Management Association of the Philippines.
\par
}
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb480
Andrea Antonette A. Sese-Relucio,Associate
\par
}
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf5 \f5 \i0 \fs20
}
{\b1 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa200 \sb480
Romulo Mabanta Buenaventura Sayoc & de los Angeles
\par
}
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\field {\*\fldinst HYPERLINK
"http://uk.practicallaw.thomsonreuters.com/Link/Document/Blob/Ib9d98ef3d06011e79bef
99c0ee06c731.png?
targetType=inline&originationContext=document&vr=3.0&rs=PLUK1.0&transitionType=Docu
mentImage&contextData=(sc.Default)" }{\fldrslt
{\*\shppict {\pict \pngblip \picw140 \pich140 \picwgoal1665 \pichgoal1665
89504e470d0a1a0a0000000d494844520000008c0000008c080200000021a2d66900000019744558745
36f6674776172650041646f626520496d616765526561647971c9653c0000039c69545874584d4c3a63
6f6d2e61646f62652e786d7000000000003c3f787061636b657420626567696e3d22efbbbf222069643
d2257354d304d7043656869487a7265537a4e54637a6b633964223f3e203c783a786d706d6574612078
6d6c6e733a783d2261646f62653a6e733a6d6574612f2220783a786d70746b3d2241646f626520584d5
020436f726520352e362d633133382037392e3135393832342c20323031362f30392f31342d30313a30
393a30312020202020202020223e203c7264663a52444620786d6c6e733a7264663d22687474703a2f2
f7777772e77332e6f72672f313939392f30322f32322d7264662d73796e7461782d6e7323223e203c72
64663a4465736372697074696f6e207264663a61626f75743d222220786d6c6e733a786d704d4d3d226
87474703a2f2f6e732e61646f62652e636f6d2f7861702f312e302f6d6d2f2220786d6c6e733a737452
65663d22687474703a2f2f6e732e61646f62652e636f6d2f7861702f312e302f73547970652f5265736
f75726365526566232220786d6c6e733a64633d22687474703a2f2f7075726c2e6f72672f64632f656c
656d656e74732f312e312f2220786d6c6e733a786d703d22687474703a2f2f6e732e61646f62652e636
f6d2f7861702f312e302f2220786d704d4d3a446f63756d656e7449443d22786d702e6469643a363546
32384542304244353331314537383832314534313932423634393139462220786d704d4d3a496e73746
16e636549443d22786d702e6969643a3635463238454146424435333131453738383231453431393242
3634393139462220786d703a43726561746f72546f6f6c3d2241646f62652050686f746f73686f70204
34320323031372057696e646f7773223e203c786d704d4d3a4465726976656446726f6d207374526566
3a696e7374616e636549443d22757569643a66616635626464352d626133642d313164612d616433312
d643333643735313832663162222073745265663a646f63756d656e7449443d22423842373543363931
3731323542303938354631394439353036333135414231222f3e203c64633a63726561746f723e203c7
264663a5365713e203c7264663a6c693e5061756c20436865737465722050656e613c2f7264663a6c69
3e203c2f7264663a5365713e203c2f64633a63726561746f723e203c2f7264663a44657363726970746
96f6e3e203c2f7264663a5244463e203c2f783a786d706d6574613e203c3f787061636b657420656e64
3d2272223f3e28af5afb0000667a4944415478daacbd59b36cd77126b6a63dd570867bcf9d301200459
014d9924cb5db765bee878e70dbfde0083fd97ef28b7f975f1c8ef0534b3d85d42da9a9811a28512425
0ea22810200810b8e319ab6a8f6b2de797b9f6ae3a13002a7470e3e0dcba7576edbdd6cacc2f33bfccd
45ff9dcfd61e86df0267aad54d43a2a139552212a4dffe12b46357ed18b3b7f89fc8a525ad35bf5f496
e94bab9d2f7ac37821adccf665a3a7df8b31ecfe46e4f7873e1a67977bf3c5bc98e5fab07487850b5df
3fed3e3e3d375b046db9cee99aea3f93e8c89ce28a79535d1d22769e58ca1ef865e7426332a533177ca
59ed9c2d75c8325d38533a5566a1cc7c91c732330785af4a5d545d350bc5cc14852baaecec38ff4fbfd
f7dfd7bab8fbaa3ce78979fda3884210fd1461d8cf22a0e160b479f6542088dd5859ae92e9433b5383c
1842656270aef33aa7671bfab8ded451dba0e92db1efbaae1f5aad7bdf96a65f54d5a677437e271ae32
22d918e91fec89a445e2ca5033e9257ffda62effe28cbbeb38b97be6cbcb4e4d38fc65cdd89699b765f
8cfc35d0ba07dd34adf243a37d9d99f379416f7c7c1ebac13965e90fee25d236197a9c1022168cb6242
8a702ed53b4b8556b700bb49efcb0ca4735c4a0e9afb48f3a1a1cc9c80733a3579c6abd0a9e5e084105
adba18bbe1830f86f7ce8ae77db38acfe85467adca4cdee3dcd229a717f8127424b41e688b828e43e63
3ba8341ab6c4e0fad9b186d88792479a0ad1c82c37e6afa94de0f3a7a6be8b30cee26447a16ba1e890b
1d5ba7b5517c97901d3c043f89d1ea337c6d97f2d25aef6c62bc2a4c72da772566574cf5564c754c5fc
1195ac8a1d9347590c7a0c3a8ad36fdc0b2134da027c40fb449f279c1f07f74cabc26618a66f0b445c6
d83e44e749cea2a5ef965e0b9d36b98df9a00a17b32e14561559c86c5ce5ba2a48bcb2aa50c5da66b98
bc1fff0bde6dd27edc7276aa5e8c4ab19bdb9a01bc25d9300e1c10c1e713a81b455beefe9e306ba01ad
e916e81e0d09386dbcc679a4bf19e73ced27fda143848561e511c2300c74a0341f6717f87528b820624
40f4b6204f5a16e59fa4bbb20fb7a49c9a95de57859064560d5958d8b5b01dadd304886d296ce1eb695
ce202d6af424076dc01e67160771a05fc68345ec9891dfa20f0ade939e2029a4d7494a200f9a85093a9
0bed3cf16bf922bbce22c1d8598e99819d284c15a9de53a27c5487fa59f21ad8194d1cf3ef61f1cfbf3
9eb608f2929b58b2ea86f42abe0d9200637afe193f90500fc1ce32ec63c40661576811e8cef0771ff05
c7ec06152244a24f5746b7e18828724ca21a5df7510683aa8f48610278dc3ab2667199731bbeae9b224
f1b26a16915b76f1d29ea55d9fde8dcbf38aeb74113d69397aa22ccbacb5a6efe94178730de90cf9c0c
cd102d2cbc3301e13c3bfac63125f5e04ec8761c9f5b46cda38fc95fecfb6cad23b43c6ff4e2ac740ab
d056d1fe6963e927ed14e4c3295838d28e74b28f57eac9cad72499bc0d59e6666519e94224656439c92
e4508cde049e1e2366ab23e4617b8913878520350bdf4e6c0c7cad32fc152924ae8d75d3b84dee53984
b1c3b36ade97c8ebe4349409cb1fed226908050d8c5de7f50c49fae26d9b34adf68e106cb7cbefeed12
df689cf0aad9cacac9a448db78d9403ed06dd5846a78b049c0e9dc60387aeee9cdec2167a540ff9c12f
e348e112d8721227c5a712a79caec0d8c1429907cd9f67e8042b08ac4e32478a149fdd59325e8a2cb6c
565035089c94ecfbb751f7b65067a3d0e9a1516ed4710d56549082249cf80b52723159bbe2ff20cd627
e26828f92012976058020167daa13fbb386fa2203212401c09c3e78c6e94ef523981096cf1a2ac0c964
94f7a495f8769eada6adfa6ee5450b740bd2b4844a73d8a7e925d5ad8f57a4dcb9f31fec34962d5e2f9
a4d28ae02149a5d379a6d5f11eca44a4d0e3c4d12ba22c064208b4d4f4b2a7e3ee6313599b39827674e
ab1315a3e5ee378427a0ced55e703a10d1b148ce03058479f134f6a3fc0b4930406031ca2589f411bd0
dfe8a0f704943d5b8f681a426b9e90a4f674a3c16b95cc15d68af53e5da169bbf3cd66d5d4a624798b0
39d21080b24970c18ed6627eacee3fcc56416a2688b084395a4477f02789b5ebfb4493bef0e3b2feba8
6fdc2a9669bd85fb7c8180a5e57df3a1813ee463a4e551559ebba2c8097907982b82a18ad0347b0db41
361e87b519b828f6839fbbe277561f845daaab60f64ac4b5a17160498603adf901cbca1e73b68d5603d
76880e0bceb68e4d5b373deb557958da0c0fd5e5554e9b40176afba11b089a106e240926e449ea8ce10
4f05a48aa9e2d30441c3a2f6cea4ddbb61a12c3600de7853e93ac232088e2c7a37b72740845df3116d7
a2c1800175d244976dcae50dd3d70dbeba0d69189813a014086af293924d6303a8f806d20a4435d9a7c
0471daf3b87f34f8f6c012682ef7a5977b9ad90b49a6a86d8b68dc6e1850ad296102c0e34d424ad18ed
6e3fd41d9d82585615ad0d9d03fa6dcf168daf16f878d1eb8455642b6811c3a609b5d703ac03692bbe5
9b297ce14244bc0009a1c9da157bce78a6494760fca0d6a8e048b24c359670dafba0d103f3a5b754782
c7804ff647c121a0d733e7088a932305a1d6d115f4d0ce35c3d0763880f49c86b1c764ca2f79a32a6aa
53f0b2ebffee547bc7ea38734da96841a76ff954e25d925d237799e3316e58d333683b950bcc09eef3c
764ddb74430b6f153b42cba00dad60979715a1354201b450f42964edab18eb4ddd761de9528b756769d
a79b20845e8e5c680dc687b7a20cb8ede1dbc63dc2a8a9270dfa05cebc98f82a6234963f8104413e890
d06fb2b2b024a4c02341c61a6e1ab0b411abc3da1c3b45f743d093dd1139bbd012e2aacbf6084897951
2839c54c7182f883789caeef3edfe1c42b8f236fe082dd7b88a08193e4f1f3d6d12c94d599580069e56
8e04c3f971575872b03a430f9f0447cbd8a1260903ca184583ded692a7083f37e21709109285d9dfdfc
305daa16b5bac3c7e3d4eb714f0f9e26891be24c316da2e30bc0f09401a8e95d06d908222491aa0c000
3b48f7b56c986e3cbb7cf910a7504e42d1814d8e536267e9f62ffdae63ed8a5d71a2d6795927a07cfde
b46a1d9fda7dd9f7737494e80e06471c23e75930441c009b450c94551f0f304b95592135804156983c8
1e1046a6cda33d2dc87ff2247caa2cb3bcc85675cd4897b0b51548455f64d409bdcf66b3aca265254dd
5f306ebcb98270900ad69dbf7d0503a8ad3a6046b70b089b1092112cf7114f29b3d5418cb41bceaaec8
2fe2f7065e3aac894fa1007e340f3ccfcae2ea26c9935f918349e74c87faca9aee6edbeec6ec9e47128
26d8868e76776552f6df914b6d86a39ef81c0c8fca49723adacfc40800e960da7dd63f53c0085052024
150777c4155955da3b877bf4963ef44d0f18de054f0a533e8b3c304213841eaba22cf29c3e850cf8a44
b703878f9399cc08a74408c04c79db1bb165721b03fa36ddb351c5380ede9598a46782cbb25e65e8b22
6177d6f6039f3ff92c566521ee465bc69544108537e9aa9b33ae7b324e97f7e0ca7b6efba7eb3fef7e8
44443a7f305551a185226108007a005a54da28d69ba96d126ce17ed1cbd5e93708440760ae113d28124
6c88ab100cc353cf723d9f57f78eeed06abc383d816592488d4e5796ebd03eb51dd9b0569343ca06869
d455e530d15c610024683a37c0821b2d110e71b80db739c63e8028c118798e966862081417cb7c94cb0
cfbe633e446a79af55d275e36a6eff2fae089b31a76e0763e9772eaff2958df9e4b8d1aebabbb4612cf
5bb72233f053e7aa4d66805491d9d9d9dd177cd1acfb2c6a377364d9302afbe265595e58009f04fc974
64969e785ed9975f3aba77f7eec74f1e370d5c1b02eb8078806a910448d4263d60e632c4aadb56421b8
8b60d03e113728c460b8c2fc821218bf4008862641c23e647d0043f686f02d97e5c1c71385688c949d7
c903c45278a8e32890dc6835791d01b6d6b25c4d3b95364f42beb76e92045c4403586bb67e6b8cd33e8
9c0ee06dfae79adf1f64d5263e05d544a10d7391f950fe9227aa8aaac107123add50ff422bb175002a4
0767b9cb09b419359fcde9b73caf0241bdcc86bdbdaaaed7e767a7042848b790f9270c67b04fbc52f41
e974d4f27d1cc3ccfe4a1c4cd42c8996d03dee447c8a45591d922cf0c3c40d2ab841d3d39a423a2e34d
e015e250959a2484348785f360c6104b44e0412784c62b6c25d532ed9378ab6221dc186cde1a12b6eca
66efcd00ca302f6068e36cbe784c1f594c7d8baa2d7509fb9be490878c49e7f9d9fc188a74ad0456515
ad9e0d9ddf9cad0155cb9c945ae3b527bb4e869b3c501df6e6d9fdbb0787077bfb859e551583563d9fc
de81a08e5797f51fbba6dc98d9f67f9b96b18d7dbce0fa551b4be4307b3020b8d2d2e836f33a7102818
08f2e599d39bb0e9480f4a941c7eb526f368113860534f80040002289c3670bd693acfeb4d8a0e909a7
6cbd0214000174b4f72459aa0a06dd65abc268e6b61431c121650fc3e58dd2372eaaa98e5400f7dd30e
99e3683147addc4da16b250e751752589cdd37257f2679c0c7e94f89f8b067763d1091f24c9229243c4
34a91940db018ad9a52c7672799a59f8b3e74cdc5267054a7cab33b0707af3f3cba7f6779b8a8f6e7f3
bd0c8f4c2ea2632c0ced40c6c1d8c767f5c9e9c92cd35559b4b46de7b52b1c2d533ff4f4d6bc2a10add
586e4b228ca0c610bb26ae4390ef4aff42424bba417cf2e5a4d729c19160a4ee7c01757125b2a69d39c
8170d3e67a08520a9ab22e435cc898aa2c8b92aee7d97d47280400c789dad1a475c9949159ad552f7a2
8480c2d42ae1137097465f294f1f4ee5a543b8a41d74ae21f927245b84a00cf2de1b79b83e097f1c876
474d926b001beb0cc301372fe633573d3f3be92d4204b1df0c9b6691db3bfbc5dd83e583a3a3fb77f70
faaf260595599adf27c66025be164dc08e7917668090197fae0c1e1bae96ab645e6c327cf2f1a55141b
159abecd75c9e60d189d74852b08ef618d354705c938d13fc128d6036d302dbd1d3336713cbc40051c7
0ed5a7a0f6b69c609411cf628e712c1714448d96a6ca11d2751e8109041b4a31f62248987ef5e4024b4
293bedb260374b5202c42a011335464005e6df2832374ad3ad6f9ec210e45e761e09ecb258ce179bd58
6cc4a31abda6663dafed5c3eaab9f7be3732f2deeec934b339b937091cab2a6c85d99019e8bfd70ecde
0e03bee76db7981764cadbaed80c7ae64822f3bf7df7c3a775531645cf7904cdb907ce107a42f5795e4
c1e02d0b923e364170bce8f0e3da9c048924fe7be87b8485c070903a5d87542b01a9610b16125892fd8
3ff68503034be4fa7c5a0e684582099ced27656a58097a89ea9105825941246b725a0402bb2b3ea9ec4
ee070a4be4c6e5026494002cd1cdd9b60fa670c114df852a
72013b69f4eee72b1a013d6347d5555ddd086ae7fe3fef237bef2c52fbef4d2dd79a4e39e6719301fc9
18d2329ae058474f5f249b4730994c4c1c74956bbf690b63e6d6e45db0b6acebb97ff968f8e8c97103f
8be6a68b181b6080d15199d04467410a0d183a6d571b62c49084a329d55556243edd0fa8d81634b3a0a
a409c1cdb49d88a2f2490e1c16e0fd810365d321c712715c1ec7588438a38d7079e73b46d848170d9c3
61fdae6f070cf0ee56655b3d021564b97705b1c7c359c7a39472ec99e4b2bbfdd5a757344ee8624ec75
0123a4309f2fc8685f9c5d18677263ba55fdfadeec5ffcda97bff4f2bda3992bed901748af91f9a12b1
6596ed93e38ceab737a410905c0419e7aa838af9acd266f3d199c3b7367b33babbee93e78da075d18db
472858928d1901954cafd71bba425996e49309cee4bb72a48101ace13dd16759da2d72ab1cc921f2dfe
2fe23f6143837129283ce4104324031c5bc9386e1a486df719603dfb8e5d417a9139b41687cdfceca82
f0e5185a4632370aba536314fdb69c445299122ad453981a3f781ff46568776b447cfc1c8ef7b219e05
fa4d38dac4108b46aaeccc9b61c95c53ffff2db5f7c78ffa8d2fb735aa0322fca1c7b6359b1737c0c56
17be01dd001204012c868ccea72b4c398f4d8787f47188fdb2b2c1c5d78ef6eb55f3b3a727dabb72b6d
f6ad3039474b31959b78cbc63661b38243580c980a8b3dcb51d938fd8e4e1c30161604918eb1380d39c
fe05a72525a80d9b482fe981c8389e81f88ea34ad7cfc92b72747109eae282f4487c6c3a6b267a0f14a
20880db8de5ec8635b7b08d9d067091e0d80b2146bc5ddcc1c0891fb3b311d624f78df5fe55bb25466d
7a9914cbfefe1ead4ebd59b3d50d550cbff4f2fdafbef9dad1dc1dee67851b5c511997239e6fb02f50f
a59410f6a906d08501c79d91158020046286320bfd3ab8aac0ae919d3746ddbf87ebfccdf78f480f0f2
c9cf5f14d5829427d9b3ba69e90acbe51ec9d06ab55a927b359bd18625fb4ba2996574fc2df455df923
f0404a77dda133c2bef814a280b764273a84fa86a9247020660bb903867301001a0d4baa0256783809d
42c86fd0c8bef7484441802c8ca767b6909ea29f239d017c22877ff6a45919702852c4b9d1b9961c9b4
a1e4e66ea60baa833644290b127539a390b9809229f0ae67a244949f8848db7ca4b5a62002a02c4881b
c47c3f3bfb276f2d5f3e52d52caf960b4747d8d18638649238c68c6480c5191bac15234be7da22cb6e4
173a2956b491c5497055fe4241484003cfc8e3c2cdd6b0fef3c3e3edeb4276ebe47509996a8ed06bdd9
14d56c58af69cfca6a468e00c993014a26d556b44de300d44887759c43c293f3c10704eba317ff89141
fc720821c7346c4a0098137c1c2068f5a437f389c6d3f847650bd8ff4c3404f1d3b7210c815748f5f6c
204fa53c4b547d9b129ab780ea64a1384d0cf603ce8b13d654986c4b9619642385a3c40a9054056926c
744a65da9d13b91efa852821cde28f928c3d0f51de8567d7774ffe0b5971f91169a2fe6405c08b8d8bc
aae0f7e12195648f24e40cca089d779b45e682d07ec3589131dff41cd7b7ece77b8b1deee6857bf9fed
1977affed1fbd1b59adf53890c36a75b1b7b72f1091ce0aa9dfbe4fa935fab29c9be7f87a02e2c8235a
496d8431783426b0b5501839100b7c1253742d49d1145023d848ca2d302b05f1477260155ba78bb3177
454cb321310ee12c1e8f64d42785fd84f1ce7e891d74a095cc3d2cb3011210d3e4229ded373e4859919
63988aff4c7e58dc898b93b99610542f94a0be7d70e7ce9de55e41fa2823948d4c9fcb0a6de1dd1ab6e
6f403ce96a1adc960c41d6c11f6cb81a3255e1e040bac844c227eb4ee4566674e1dccb22fbcfae8d19d
bd6ebd66756c9162509a749d1c9af3f373ba13ba2bc4d38c91d0f836d8cf213b3cb2b15b7e0e67bde9b
016056120ba3582363ae325c159048c6643eae4cce099f80fd65ff698f67b007722cef2f82b5ffdc283
fb87a04744cf3c2fb58d82df2c4997ffdab3db4c1f242c3d3326ae10c8893e991cc45060a898e2ab6fc
2dffcc0e3dad1bdd22ac0fd46442e90ad78e5c17d8b9c36c48d8c5091158895d0b36648cb921720e10a
78e226d13999a142fbe8d8fd0368c58af371a0bd96ec409ed97ed8ec974bdaf6cfbf74ffc98bf30e0ee
c368546eb2232dd34cd7c3e1735427748afcb499ac8d4936948808a9f921e6556d1d60e40766c877247
cf31244b3f3e3fe3ba68844c2021d484d7749ea9dcc63b877bebf5055d001244f2caac14732587948eb
a8e5ec02d982f2c707c48fbc04962490a8b10830a17c0f4cd34d9c28cfccd2a83b7a813f1e446df567e
9050b72c103e320cfb557174b01084a25202da429fb99cbd7cc7c9173a92e4a1961ab16fc734453a99e
431213f1e242c1c83e828493e7184934e37a18d5899f0ead1e1c3c3851a1a05f264926d793374600f56
76c57a583c5cc17e48de871414ee11248c0921305eb51c7245c6c326f10610272d36c6a9d970d8e41df
2e38794e883a40ac8a4c5383d3d27adc232c69c6856576ed78dbd941ce2edb7d34facd0e846ea01c1f8
45e198250de58bcc98b3c292a11509b0760871c1ccef045877dcabc8240e2b6680b6ca739eccf8b837c
b1755990b746548cbb44fc7791c1cad28cce2204c492bebc41e4690749178302074d36507081c29cca5
71b45e485b740d1daafdd2bd7effe878f351d76e58cb6d532a89685fd74806168584c9253982407bef1
0e82523d247016031151c084f8b8399eccf22dacaeeec30f8444d48d1683a2b19d2b14ce7606f091172
7afc9e709ab227679bbae9057cd395e9098768cd8dd971116c9d0869c2c963e6a7622a8c47585e528f4
25012684fa7a66e5bfa90ba0d9ca8342af10cf46ed448f42876881f00d9018e92d1c31ed21639702175
92364607b0c2ccd3088cc8d80bd14ce10445d783ce40bf643998a91016434682b5bf855342fe0e49620
91c0fbd6434c9e04b47070fefec15e0ee495e02679463e8c2398a1717178c1a44b3610b091b337e836b
48526713016b0c00c4744f96331224160ef8358942f26d248b36b24804e98a3831802045659f1f5face
b81cc30d4761f08fb9bdda4df951cb96694922e83d0aa844cf019746a093de1001841d4414a62e863da
0e98010fe064ef82da8924a97498103e2113d20d5d359f2557830449858a109dcb02942d3e5109ab142
be198d10919f2a2d791ef70cc703500f12ad94b4213f0609b46cc07100681695494c482dca9cd05bd2f
33fa70397f70b0ff8456a4036c43d22e65293b71200718de8e3629cbf296307d3f14a6904a0712128b3
c84e93da7b734f30b79014028879f6ae7b3e566d3ac863553d9991cc87471f08c49aaa296e01ba0699e
47d0f018ea29b5dab4f0db4deebbd69b3e008b6b7723ab8473f458123b52ed10c5c793d8017903d0280
8fd571a1e9261e233ad26594a38d121c142c5e62f5162d99b4b604681850697bbefb2a2e8d9ca71518f
5e2ce664cf2c8b3fa87070b6204c24099af11434be2b3af831049b2a4f92647dcc00131498f539b9822
6147337efea75b7baf0a1253f9476b9207952b6870a56f57a4376fac1c1de2b870727cd0b3a57e27070
ba9aee9ac49ae4261b7c472a8e09488e3e9116db4a2e8cc414f62d8b644a2d5c41da2747f74dbe87ed7
3981002a0a65538418cdc4731c23f45766f0d67682dd32261ef69dd6051e136d1b33b721b63db99b2f0
26232df8e97ed295a4ab4483148a9ebca1db2d5c48ac6da8d6528bbda1cd83fde49047d2f893de877e2
f73412584be48397aa60e2f9d3eb0be083d39809639d982e11538eaf08f38d015326dc8036675dff881
a4b1ad3728b41a22ad3e61e6019e0c604256b7b66dc840c2005b93978b25a9619252b2327dd32eaaeae
1d1fe87eb4d7b4c803748ce6836afc820d1212eca20096fce140389b54d5b641c1be0b469845e35d87b
3acb7de0bcabd4ddb1f7c631b9cbcb999422e722f0cd0ba1934374f47896950997f9900bd51288a7edd
1a1c799bdbdaa458f798918a754048e8497642d2d86194823f0fdb17a74894f8b7dec008034ebf4e463
ec709201a2067675e9b5b6ede433e83ae4cd0ce4d5d2166665cc679dc9e8496dd7117444608ad16dd7b
5b92d91161b484ac80b065d882cf9d367a71f7cf0f18b17678d07e09ecfc9ff8db3823c2e5c93b4d0c1
fe92940b694210bdfa8644ff685e3cd85f9c5f10e4a50b2004d7f5be2cca8b763505f1047fd256719a9
cc416ca9d8404b2059bc76542c250c6cea02a4ab9f1746f012e2d0514a1963a1cc3d11533a68d38554e
775b9191a41dc193f5afbe7c3f5b1c7e78de22b5b28d028c19f49d5a8931603a02753d7a06b2691ed51
da1d49cc0d252399002e530e1f83479a291f33772b4e97f5dd78b333f16e140a9c56cd6abe2bc55f56a
75eed7ddc0f6a32aee1eecededefe51c4aa2bb6802598b4cc596501d3d6f46aa9c7c8bbeb977e7905c5
f124fba95f3f505989415026374fc4fcfce4fcfce96f312d0980f0419b4832a7f7477efe9c9498b6a09
dc645db78bc33df27856754be80ed470de2d0e59f4f45080d1bc316def2b27a468b1261c140fb4cd81a
0ae4a1c48b2195ca68758491c311e676f0d87cf05d17384a0ccf299b3cda0da4da73ab59ccfb345a94f
5760837e225d786ba7763d1d0e0b31999e994da4bf69230aa8a7c8b7c79540ce00280de2510bd36e224
09a29925b6f369e3959f4dc5951f521ffe0e969bb397b7176b18ea69a55fbf3321ece1cec6ebfbf9839
94f820dac1d1e8888880e218ab89cb79b1a8b2bb874b5b9aac2417d829ae96ed3775b75ebf7871f1f1c
7cf3e7af2785e96f3d98ce009597c526477aa62bfcc8fd54ac7c42a26985015c5c5a6e190a0951011c9
136905e83f10ba11a710ba2a88dd9a3116d4392927404d39a75c1a8a731251c7b72d7be46432d0101fe
4c055827a5ecde7ce9112ae371d39302e88e7cfbc2f71b93fdb57129131539198cd74b5a60731835c18
44614cca9b452e67e052c320eea508925c00618f14772127a41179dd5b2c1b5acdba991776ff60ff953
b47770e698f54010290e90909ac3dd9801cb5300ec14204120db93e6da8e9f7336c9f67672ae6063ade
227b9b79766d8afb4555561f178ebc45b281cee6884de8b0acf2a3fdf9d3d3d56a4d97042de9e27c55d
cd9afaab2ae1b917e84ac12495873dc5071d88bd3dd7e50636503bbd050758c14f017fa3d090b212062
c5c7950809171390118ab1b0aeacaa82b06ed310f826278944cc0971811e858ff467dfa4d1771b91445
063dd9052dd00c7d272099641222e7209a841207824cd8eb10c3ce4c0550736d8369152f9bac1e7b1ff
f29b9f7b787f9fdc8d6c36cb6cc8fcbaef55833da5fddcf8be35c52ccb66f098bc46e49ba42874280c5
681504473d610c41c8cea39525155b33999b7961cb84eabe195575e2e67f3d5aa2148a920ee9a20eedd
c3bdbde3cd71bbe907296ee8d79b75355f762da8c89639e8c2cea46742f86b00cec68644810049d7892
e077fd641c41023ef3a876432b356d9ab94aa502efc1de81d85cb49ad117a22edbe2207a9259c992923
c112a069a42f80a46ea207f30742550561a1c06cfb02dc9f5d06fed62c1ad67d74612030ceb200944b5
223c18f3892cc3d57396a021e402f10ac90393e6ab17970b7ba4f07bbb43982740dd348438fcc389203
a8d3e633dc99dccd0e741e7a724522216cd276664d4bbb691e3f3f7ff7f9c593f3f36717ab75db9119f
bdcbdbb6fbff6dac3e5bc326150c35e499bec5e9c9e82e843f217c29e7547f3d9d3333ac82d091f9dfd
ae196c41383b6b081d6a17257316f06086195c79950de48ce82854e4a83276a80943a94a142dc013816
94e418d1b093914570b6701151e7bb319e1adf38bf5e9390a326362d9e28a88de77f47c9b26e3c04c9c
c8e397990ea91e1cca0c4552b38c1584b637d05dc1258242f3535701a140ec9290b69c7266aeb1b905f
4e618017df87256ec2f72729e8615ecdac9d905399a5d8807fbfb87f39c40b70da4ee32c35593a82f98
93e243591149eb457b4e8ae2f8f8fc838f9eea3b2fdfdd7ff0d13b3f75957df7c73f52c1bdf3936ffcb
3b7dffcd2abafd0f9ce117fd0055615c6820e12edd99dfde5e14573be6999f66587386c36b530ce85e0
182511835814475f34c2ca4cb70b5c37a61061b01ce3b4529506688780530c699fb4702215870491432
e8b4df417e7f5e6f47c434f4aa75498448a811bc82c848232db91c0ef56b95cae92b8da4e03b866747d
54a288c52b4215afb11a6eab0f94881607c4b9cc81701a7d1ffc93938bba1bbef777ef1caf87e30df97
6b3978ae17377aa5ffbea5bf7f60ae48ac2405a91dcc64c1783e104a547608d9ee7e3c78fe900fefa57
bf1a8cfbe637beb9da6cde7ef8e09fbcfde68fbefbed1ffef00724772f3db83f2bddacca8b02f211624
bbf99f571be50f7ee1e3c3b5b1d9fd591b3f235f80eaac87352c8644d344751856580d84150ecab05a4
533949cd79752dc900c11174d0d0cac01af12c8dd49e0b659fb3d7b478abf566d322fa9e0942403995d
3de67aa8f0881eb1691aff686b0d04eb035eeb01fc6c8ce8e8fa6474757e47942f057c274d73629c8e5
c930f1694df505362bce3bb5b938fed677be4febf5bfff9fffd7f77efcde9f7ff7074377e14ff5abaf3
c7c74ff4841b40864d574d6bb86507707eb0c0973fbfb076fbef546e7e3f30fdf2171ffdffea7df404e
993ea35dfdf75ffb3259ad75df6d3a928f9c3c34c20550e85dec5137a80b430eb23958ced6eb662061e
21b02498cc54388cd52cbe27975e995322fc8ae74709e9465a311127520b1bc4915d25110075ca7d245
c9b133de410e69a8aa4a833684125d6c07709f439c25c467a7c79ba8cbbdbd3216f0c7aea4fea45c6bf
7c88f397b9d3e6f9b15dc06fa82d29f40e9da56
a28d955389cbce15c822ddde64ebe0defff0c3a78f5fbcf5d6cbd9e6d9db4779f320ffdca35f79e9e8b
02a9930a5997703461c2d0f38506dbdce911ecce6f3f28db7de3abf386fdb0d72d78eb9ad30ee4ba4f6
ddbc89ae5b9ffb6ea3c32049b7c6d6e4c416f4cbb627b336cbeddebc3823e86118e78538a17071eea4e
ec30add9b79265cf0c4395ccb39031096105c6ee0ccc3db35126de285c28d8fb5feac834c494fe5061c
3c89ed027229e1946d9afaa419dc9d87e48dba4fe132c6a95f46dce57f5f210345f50b7f4d4d22986f6
498a4dfc1a206ffb5afbefe4fde7e6b192f1e2eecaffc8fbfd6ab05f979cb6596d3a6d4243a439e1166
408b8aa1278f6510ec6f1cbdab286779bd3eeeda36927f137ab0b190cb2da22d96bad08bbc6f6a3aff9
bbaf643e7605f3d0878ce54408a03018d823ec6abc419e2fa3ae1cfa3fe09d82882d0918cae9618309d
b24c678327bf0d39d6b66bca594876c18cd61d5b1e2dd73805ae9e271c88da585432f71eb0823b1b0c4
0281c1a26bb8594868dd74a5fa69cc594e8d6973afd90ab7c638ae89612f59beb9304ec6d8b3ea5844a
fb7e2ff35f7eeba5fb07f3c3595e66b46d9b7e73bed82f0e0fc9e8e8baee2d631334c2c0f382c7218e0
7bac3e42569aed25645fe80fc0142ec84cc91be402e2f9d7872cbd0a309047977810a5ba6d839b2d0f4
5a64d019e8740f83215110fe9a4e6d1360fbd8010d09168dbbc06d1c3292a1be6b9b4de0f8166972c55
021709239a4c284910d2c15705ca6a8699f7ac82bc76a807741ff47152d3cac54a1f4499234f66898d0
83a0859b5b045c163efd09447ec9178f6d3c84af0182e0fe3c7fedeedc98bd6595712b19b77fe79ecb8
b798e585cddd442d205805116649d3820eaaa95f0ad0d87c68d2b1045268546d6d9f981bc31076ea309
adea6b82fd7ddba2845b81a1d7b5278defedac4444d8e15366251d8662bde990e0ea391e1ec50781beb
38874d04d28769c24c188d00e1b1e83d27302e3482a3365d5da389155847182e8a36277df086c047580
e9c892f5d762d538a00b2205e780d08d6ac20ba9523011c1e3a04d0f9632f7c21971b94b403e4a39b4f
0ea5239c1a416479225d36bb97b95547df0f626d5117dc65b3b444b9e483ea82c86371e1c2c66e4c2ce
c97be03e00e0f2a32eccbb166924ba9445dd3f34e400f71d393e741d19221796b42d091f2c9bb2ddd09
08762e14a1bb6eb0559cdbeeb6d28017c42920c325bb46516294a04ba4ae78e96745ff634b4c5dc9d9e
767dad383b6619d30de0b704d2763dcebce572098e9d0f38632dfd1f71c24c52d9a4a5103d22e0164d0
10a3a2e11a10210ace222f3c415425aa90f9ebcc2d9fdbb77f6eef6eb95ed361c6c237f5f4bc1f3277f
71543b39cc58e6c43fd15b9c1e75dccdbd8eec3a8923726333e527019b7ec54aa5218292b874e5f4ab0
fefcd98b65fa223007c0a483e5a1fa02e85de897e70839f5540d088c6f329f55c4b4b5a3dcbc2ac24b0
044b2571368d0a23c89101fc5283b6c86eb0e3037e12e270c8f72051c2724d0fb92c0b247bcb7c5665b
9ca3ed89c1076543625971173928464e238068e06713493b6d0a9dc9a3ca78d1feabab6594e07c8b25b
a993132b55208af9232605f9101beb36f43b4ecd335bce676ae80d6db92819468a9f292ca477f9095c3
1b9edd674adb14dbc64c3b6b5ca7a27358b800ee09317822729a139b31bc0dd92363eaea453eb414725
eddfe5c692b206b2d0ba2ccb0cd91e5449f60aea0fbd999053ad9f354f8eeedf5740754c26535cb8cec
158c3fa439a3ef4f8e2b222b2078950057436af08f11ec42e2eb2ec7ce80f1f1c5c1caf5fd4422bd242
c4c445f83b9fdfc019136e40841b23df3ad141fb2174be014fab882311217949605bf4dd3c732a735d1
cceea7adda3eed67262d582f19285ce283386a1f5ad9ba4470624dc67e966038f8d9bc7a49658db9685
5adfd420928e4e17ae55b4936a02298ce957200bf8c2e5e4b5e759392f8b9cc97374fbb92968ad51e38
3621dd45bd5eb0dadc80c01ec9cfe14803ea4a81429b7cc05873c723c3b39fdf0a73fdbbb7f3773b628
337ada91ec8e881533e499f3c4cdcab0b40c437ae5a5fd556ef5175e7fbdbd58d79be6f1f1b1a9967b5
5795e776de41c91954a67de74a1fd8e582063b51051cca4cdf8b0ccb052c271f08c11c6482b0938c2bb
6282eab6edf9dd1e511b1c05f817c350a0f5956b99a3e6ae75dde24080143633e743274127d06251ae7
80dc599d4c5ec2a8e03055e9139f7022c04cec1d848754dea32935255de73669b13619a4936381ab961
d31c24a341ae5f5190e1c8aa6a91d113a81289181f322e3e5f9f9d1759fef4f9333b2b681d36b5d9230
852698e84c2d719f8a248e458f625416c409313cffb459a75312b0ff766043f367418c381aae6e42387
a4db39b201382954de6d3e94e93e29dd19a4b399c73b8a02776f9814a6276a0f634421033144705c891
ab89595c4cb55fa15a6f64bdd9ebbadf24b47a1eaa4460688247246f1469f485f6e3f285b66462c71b9
51002bccb157a9082c1de776e83b8f2e3dc0638493b8df0e9eb7edfb9a8ef6ba9ccde8925d874262a5d
6b43dc881374d878692034229c63c7ffebc699ad9ac2acbfce4f4c5c9c931ed4b91cfba3670d81db5e1
48e322c51b20a97438fa9eebb6011933f2a8acce67d9fee26e37f46e6f0987881425c23b9c7db696cca
2d478792616710f0f5927a463fbbea5c740fa020245f29c787d120b9ae2068effea5827a45e76632701
a984403ab4f764d862b5b89a4fdaf61f94cc9af0952658309645dcec0e5df688f4c486d0db50931001b
909e4c06e0e3e05792feb48a91c5fac3a82e048f6443d749e407367f0c4b4904dbb5a6d36f88ee47739
c3add7abf5b367cfc03c01cbd7961912a56fbcf9e67c318b71b873e7e0fcfce2e2e27ca850978d5257b
aa6ef517fc106d9701b0f0d069ce6e45b5cccaba1df386ebd75e7ee2199fe555d03d971f104d23a2c04
b4a504648009041033800c70017a94820ffce088cc64dcd346a78e1abb3a3fe050d053924ecb69e3d13
8cc479dcad2b87ec42097eb99261ca39bbaab4c95e5f2ceb4e942ac63ec603ea165dde5666a23713a35
4fd2a9ba2a91f820c831e13d83be81a0e89d6dfc874f4ebff6ea0352d17073c0bd0137880d0014cab3a
74f5f9c9e381461547583bacad0f787877bafbdf6daac2a3af24c3b145cceb894933fce56e5ecf4f42c
fa0d2d2c7796e9c8df44064f8e2b8a58b80b28c77990de2d0afa8883e51ea9dd3b770e9faceae5b2fc6
8b5010425309d73c6002842141e13ed346700e088830e01629211b0a739a59478039ca26662ad1ea9ac
dc51a21f44aa618d428a5c07e912c85dbd9c24c79d673e285a16627bb98cdb484f57cbe0d248b3392ed
044d959d037b666d0d7fa4b6b313d5c2ac31d5f357a47244e8ad13df71c465908686cd926a8bffdd9f1
6ffc527f38f3991b3cc1b90c7c84d2c1a2ccaaf91bafbffef0d103421cb494e56cced6b821409571cd7
e3664c54050cf6fda338d0420f95d0ea8a1b31b7fb15cce08fc456e17ac737e2e4f37a0d95a65cae47e
68c12121b33b3fb0078728836ad77392e8ba2f6d460a11b45dcd8d79b98f1a08167a005200af83f4423
748271434b0148730729bcba9d7d9c89a628dc72d70b94175f09d34dd41e35164f4033914fd9a970ecd
b1d174355c527713cd385e6a2125d2aafe215f7aaca9902af1090c826b8f84bae26a7a2ecab4f6a71f7
cf8e4e4979c2e4d112d88d77ed36c5ae57329ac05da41a59d2b55b03d920d611191ce8172a12395a357
b4a71defb8fb2dd62b846a39af8f37a47bb2a2085d874223243ba2afa14f53441ae79e30250969f1e0e
1435271c7c7c7bff685cf7febcfbef3f8f822828e028566b5238b49d6bd28b232875de1c65c880f4beb
1c04a0439cf2d5518f8686fd7bee41ad39632ee82270b43a050140191fd75ae20389e57abdfa7c6a083
d75f308124f48804629fd0b6ed258dca647aed164d2c054f1746c526b453a614f8e2fde7bfa626f799f
4e70e96cbb594383594d369c4e363246052126824c165538433d444277aacc33ba4e4ffe6c94fa62042
6b876b61bc0de1faae5222b0bc5ad6a0b14ac69df749289a3a5615a15e8ddae2af7efde7ff0f26bafcf
0a421cef7efce4bbefbc5f334d14f10810d6ca60ebc20c65413b1598b1aac9c9668f4b91872dad12e58
40373dbd12c4b9199c4f0e34e1b47b4858360319f6caadc6281dbd66e4065ba4bed4b182a700b746674
eef4dbd41ca9b4b7d7d5ded25d75ec7934b5b619dd60ae1cf2ec8581fb48ffdc44f5c30f9f7ee54baf6
fba33fa2c57ce96cb3d17fb4d0d920b097dec5c8788eb49ec06d24d0bc2ccb359a7fc59b37a717e725e
af57cd86f6b3d319daf2f775efdb878f8e3efff9cf95f3c3f56a65513e93f79cba411ad4a0ff19f7398
6abb1e9c269d3f526db9b1fb876f8de4fbff5a30f9f842c63ff523a93a00ecb4a9fddc84d1cc0bc50dc
5edfa33d280305d9272e2a18ccd46d868bb1ac50dbac844e5344905d2830e30dd8105a5c130776884b2
663b7aa426c7b94b63a522ea5c72a77de2a698b67b4be0db55fe90a29a95e91a429fc30695489163aae
0d5689bca4fefabd0fff55f7ab877b8b3874b4a0f3e5a2b9387d76d16cea956a86cdf1a9d90c334d360
b7d33e64555ccabb37add65ba3c5cd8d9fc8db7deb8a8eb274f4f08c50da1251ff3e1c307fb0707ce91
cada38725c2ca9ac1e65c5990935a24cccc48f5dd47ff7f7ef7feffdc7274df8d7fffa5f3d395bfdfcc
5eaf9d986f41aade9e0fb0235cf2854221b4d0891f0319224001d9c0d445d8e979267f1321c18c428ba
1c9bccf2e24b7319589eb157139b2c3423e35a9d5d802dedefb6fdee2ee927644d70ba247234b5348ef
ad6b627ea1f924c0a520c145c1cfa7473b4ff4fceebefbff3ee97ffe5d754dbd012e4659199fde2b4fb
d677feeaa39f7df82b5ffecaafffb35f5f968bd081c4d33fd87b7e7afceb5ffae2fcf0e0f98ba7c1aaf
9c1e2e77fffd3cf9df9e3d367e7172f5e7af9dec1e15e9ee50a48d81425c7a2d842e854ab01bf9d204c
edf507cf571f1c3ffedbf73ffeabbffdfbb7de7ce3dbdffd2188080e4d09e8bda4cdfaa6cecb595bd76
d43bb86e266d4f918eeef2f812194cfa26513141b3ba2d1e81d0e703aa0564b2f0ef15238a82dfdd7c6
605ddaa490fc48a0bbcb9dcf22e735b83b737ad72e55f666cec2958a8cf8a9fa504bfdec588a0dfa3fe
75a496b58fd9deffff87ffe6fbef0e8f060b5c1495f54e5eb8f1e96bff1cfbff1177fb6fffabd47fff5
db078fee076709f12eef3d5cfefce3fdfd7dd30ce77f7f120866bc174e3ffcf829f980aa7ff4e8eec1f
eb2ca51e947ce6cc61590e810c96c0df299c80d862503575a9f5ed42717352dcf59e3bffecdbfa13f0f
16d962066e2ead381c581b7bb445d5a46f878e7bc9eb98a1010ebb7d005640bff4194559d22bcd66439
b27293f957a7ea520cb300c46a7ca2db35bf17fb94fa0e0ad106f9024ee0dc8ce0d28c30cf4844a2b45
432461f6d634aebe4c36baca7198faf3c4ed764bed554a8ee4c8c5991f3fbef8d64f5efccbafdd9d177
48f4de7f6cafd72af2fbefae5b7cf2fea9ffed5f7ef1e1d05b4b1d5835dac3f7aaa8b8a8040fbf38f9b
cdbaab37ad0bfd51f5e8a50707770f10d4039302ee081d5f3aaef493d4d9f46d4f7e312de340bb35b82
7679bb5a8261f0b6bd04c129c6674dedbd49b8260655484fde83a24453062662c15d1a8cbd7dc5e9cb6
aa326aaf2298a91f6fd60c61a59f90e1c8a9102060921c88ed5806995922cc03ee381d39f5882e155d4
ffe7d93cff603d7fd8ccc934bb54e6803af477f334ee93f75a9e9da951dbaa1cda4de06c3b7e14169a4
13133ad1961b5c23ae82aeaac78dfafdeffcf46b5ffac22c07c3e47c630b7086e3bc289a8fcfcffee6b
dac78b697e733ebcebbcdcc1588e4cd669ba84fc9875db8c541951f2d0eefee91b2e2791eec8d90d151
79db45f83383277f79b5ae2fce495411dde97d385ed5e446e50c40593a6cd7f7844a98918fc43ca8753
66b9a9ebc17cd9c7ac4ee69797b5568c384397464234f2767bf073c07b0cf108e8fdcdc0e598ed4c50b
954d436a540f38c23eb2ac0d0152b87970bfe8ff7d5b70a6dedde2de48659f1a8bc0c66218665d7c76d
b3435d313c8308588a6f628084c598cc8111084f114a6fff1dfbdfbeefb1fddfbfc5dedeb18e0e50c28
372bf68f96dd59f37c73ba56d9a3fbf7aafd7beb4dfd62b3b1ca777be6ce8357ec0c6d6fb85cdad0af9
04aa055c646116a7310a3a1eb6987ce57f58bb3d545dd01fff9a16efcc56aa5c72e2f74e0e97d185a31
86daac4ba951b245288d28323ae3d066815100ad328f9e920552c24b8929cbc63c7d5026604438bc2d4
b1126269de6024a14b848eb0ef69f52797feafded6e8bf118c1e07a9a50a0847b768df7f3c9cce478a5
b9cab526a27294c42ac1ac1aedcf9be14fbff5832fbcfc3f1c22b5e287a68928d3517bf7967e5192a7a
f50dfa55a53fb2ae6077b2e2b96b39250f9ba592b54f4a11c8fdd7b8e76f7685a80be9f241dddb0aebb
938bcdd9ba26c5c5cdbcc996b5f42f20aff3b025ac23549391baeb2937266d2951e2c9c948d66651faa
049c754327801303c11834c4c6580d2a367724084d425a13749730bef1a3a33358fe00af53846d5d54e
e9cb76ddd34e04bd6d24c9c13f1e90b0abd92e0781b675d5d7075571681eaa56d2e7bb2dd9409df6d21
d181d2225a8fb67df7bef57bff2855f7be3fe9ec1f407501b684701a1f3aa289d92703c02a426c3ab3c
0f469565eefb0610c423f34f3a896b3fc8f3f5e41192a2db341d6d0f6dd245d336f0a470ae69d309e05
948b4d48420d8431648364690b14ec32fd05048c5e4804b17c12001a1b86d15cd0a2f6ee7acb162975e
e631758317cb0f6fba27af9b1c2efa2b2763235
7ae6593f1e6dd7457888c3af51ee50886119b94fa4998d40156ff62ceece8ce86d4e32f6dd314df339c
38e166b1a988909efd71ddfd876ffcf5bdc37ffe72565b522fd1a3fd53865ff6e46538fcc44dc235c12
9684c140cb548506745d4a14fbd5643baeb400070d810085cb72f4e2f4e2fc01a27f9c181c87272c0da
214e73bda41a8c549db400914d72482998347a2575f46008e2c5f1196bac260208cfd49a483b691158b
f31974bc93888c00c3cfa9fd5232d61b40512364226378ebd8598bf10b65d85598c52c7dd91716fd43f
c44d4a5d6027c9bbd4aa5a4f0d52f4e81da0b522e6e5b86ffefd07affef977ffd77ffa56c983566ca95
c9e71ed05a619e46419403574c8b658b219a1a273d08266d8e99e1d2107766bd75904e762dd75e74d4f
32747cbe39b958775d9f393b2fcbd69266842471c41dd1376e1da4656fb8e35114b628a810fd5064567
24bf04c913ce7536b27732b0681d3b7a3a84d1e681c851279f72883acc2b6363f8e85271258f2619cba
3336254c7b93c68a8c018804f1d31d98548f64fe019ba452f397a983a8de4d0f8edd2f53e10f5655676
452fee02f7ef48585fae2175ee342d47c4f69740f424a9a3d7aa76d967b06481aee238a304873705f06
d5757e75b1263d691577deedfb17abfae9f1d9f1390a08f3aada9fa34de8493fd4edc0a19698c646610
37ceaa4c38307e811369b0dc213813de068b65c792513e238dea352071fb6e65c3cca9dc15344cea7fa
64e83d494eeb6d7e359197c766cbe2f7083311c02188bb6a380228e9603316e3e99d397b26d197ae34e
798b67eb785f4d68b3253cb216e5114c52b60a2218b66e29973c3641c7f82e10605d76831ade2f33efe
df7ffad3ff637ef416d9a656c7ce8316a731c9c1a306b46042ee185746cf006687b4c3a66e2fd6ebb3d
59a8326e06d9dacbb93f3fafcf4dc0fedfe7cb6bf379f73bee3e26cdd6ec08887de11160f1b4ab4c9f5
036d109940364d9c9850a9b54464cc00558a3915913b0d11b4f1c676987904ce97d8fe200836f9b1bc4
3a38543f1b654ce801bcb13e7bcd7893d492e146980c23424aafd587daed5586c9ef20297b2f85baee3
5814fb8b642bb6166f67d0e90d9d2635373d21e940f7819ebbc258fdf355fb6fbffe57ffcb7ff7cbbff
4cabdbb8b619e9310000603977b743b9e9acc4ba3aea66fc9f69c5dac4fcece6ab451d2243767abf393
f3a6e98253fee870efe8607fef603fcb8b8b8b75605c8ce18c96d35cdcf836707b17ee82424a112909c
37904a6749ba9d336a9c72c91bc11d7b4991e2b4ca03e309a538ffd6cf5361836f9fd86671c08931989
fd6c6c93c5a50c106224d67cd7346e9a8a2381a4a423d5a546e25adf3009e133028704e4e2167fdf381
b41849241200a91d1cf802c538895358f4f36bff7e7dfb7ffed2f2f4a5b38b7b059c698a11ed62046a0
c706bd94f184abbedef427a7ddb367a7b44970623d61ee9a0bc7d5a27087cbc387f7ee2ce7334e7aeac
6c271910e026032649663867cb3c038a6ca72b3a340ccceb208c3728c848a21938e4ad6736341f43c52
a937027af519a3c79efbdca714f151e49779200ab9cae4b34bdc20f58c67bf2470c5809b96d36c93ded
767bc683511a37f2151d29788fed7475b883112d6ae4a8447e88132cb7aae00e9511e639f9c351f9fac
f73f7e9ae978e887a268d1f28fc167d7a22b55f02b56e8c37add3d7eba7afafc590b31e2b9711817335
bccf23b7be5e1c1fec172993b4bab035a816f69a13841e3399310d8159546e0917c62cbfd3c79dc9c9e
8a7c248129570e3ca6ce58e682a3c53ce1365bb77e5dfb6286e254694bcf500254d1381a1e9955ea79f
a5551e5bac86d914ff4e1d497d2826d888847e209c71dc5b4e384ea91b1ce0c2f297dd1d7aa59aebeb2
8d0fa563014a4d1c430c3b5b272948083cbc393aa9e04a47ee1482caf8804a4d0060b2e2178d5fb5fee
fdffbe9a3a3c3f96241509b5c4f0c391eab8ee9fb66b33e393d3fbba8a56a1ad3fe1cb285f3e5726f9e
df5d56b35951e600025dafb8cc5680b7eebb90e5c171ed3f07c52cd7685fea68914cafd92698b9bd461
0a1a26758d55d85919d3c806450250f5d90384ad2c9cca4c8a0c48644db76426420a43f641e0915cf9d
e43103809d26340b43b75e7539183a3629fa474a496ce3429fd87a456fdb85b0bf0c4e1c1b69cb7f271
57d7a7a9ebf716fa8d71f3d79aa9fbfe05ea2a90d84a0776e0d0ee2162d2e1873dcd49024a8ac8a222f
1633fae3c8dbcde9780666e2738b0c6e759a45d5a05f83e246dc520866b864742ac41c3b8ea4bf8e688
b5693ad18d2be43cfefe1ca0bee68b6258fa67c6b4cca4c40d6c4fd83a2e65664dbaa88a91a9c31811b
018144e6d07bc0ab7fbcafe900dedec53d6519a525c5389346c5a0b688c393b6deac50498b663f04baf
282d7c0839615539fba8c204736e78232c3ed1909fe912629903e28f2d9acb25c37a13906c713e274cf
1b4c3b878821ce73c7cc736eaec6dbe3b91489801d0f7e89f632b7905471d360f000a693483b1b2631d
0058a5c4b4075b712799427e62a7323459eec979a4f4f03bea4a382e0404967b81dc6c804bbffd1be8c
e4c9adf9d4498029006246806484d0aca6fe2b64fe87ae3d5ccefcd01997cf4b1212e46f1c27b41da7c
6d96bc6a3a3eb6c8036438118c9116d4e962b6ea380b99b1a24182f5c0f9efe8ea02a77afc5e4102ef1
334cb44f6dec90708dc29ae229578afb6af1e9d0a957104c4ec6fdf9c02532b30a93bf79f6a3b051a4b
118777f0ad3445d19851ce218d20e2a6c814310cba2854c6977592826a52c631a47cd64709e2205beee
d8c24e5d1b5b76c31c3f8140c29d1dc8a93703cf70e52e0632688aefdca4ac2c0f2e1d8b17c7e9cb294
a6b32bd1e3c41b42253656606970d5cb734afc04dc90ac44d6c8eaec340566dc882f303eca88c62e2ea
6252ece8d6e633b0e5423f908edb77d987abf6a7c70d3e014e1ce92ed0dde8df1d9b2b37de8478f6e89
286ce0711e03a801169a52f03d3c1e9c6e6740bbecfe2c0a39999360dd6c2c00320e9d0805864b9bd1b
98a1ccf8e7c211d0c3b29c5687bc8a9efb998321a854064736f6f430c3d4ea3b634c056ab2353bb5977
1db2dfa334486263ff7529b69b565bfea2b1ccac416b2a94ce0fa7468be5a37c466080526a958d2771d
70a9e74ebaa0de217163c5c70c9a1b336545c9d03ce7f69ec8ba2157e75b83312d3deabc4cf16c4348e
467dc982de169986b13af8f2edc1df5b4a3be344fb154887fa025a4cd9cc426d3fce7e14605cf4f0c16
c6c0b3a04274dc40b522a1a643bae9bbcd26d4ebd034042f73b482d0aeae6b6020e475ac18b71b1a6fa
438dbad4df86fdc3fc13389a9ce003e6e89eb1318df0e51183b41e9dd06c22990cc7cf1f5a6cb8baa24
fc0c1ea111da99d4b331db1ac46d68341e69edd29795edf74c1b759cc260d6a83df7c51ffded878f8fc
fc4ff971b134c65aed3a6554a8bee3652b0d292c6f0784c86f2e8611564486f30215c99f195fa03e0ff
1876c1430bb3c3bd831e95b2caafc0acee7c1d86d60d8d191844351d10a1a897c8e4315860b4848a7e6
bede30ec2fe05e85c9724691c3e77cb88ee6d09ad1d1b345f3ab39c4623ddb16a5a5a4bb2303a2be1d8
60448e97f20316456eac9921b92a53b6256ba765e02307a1509acc4dccbdc9bff1d7dffdf6bbcf50103
502e238998a6bf7b8d3cf627ba492628fd23a124f0915a8b9dd1ae023575fdd50de0aad4fdb13a1e734
790588c78339612430e741e94263fcc6b7f5e62c9ad24dad93c172b67667344fba64e0c28c4f8d17dc4
8ef4a31a5b1d633ecc45377f62b7213f84cb62770519736db721a048c95a287a9db7a88d231a8503d60
2f791ddce52987a2918e6320ae4e1b2467d7a6c02e57dc7664e3cbbdef7eebc77ff69def77b62075222
b1c642812232ea37727c04abfd4ed8cbfe90ced8e25a4151f50068a0280a68f24007dbd51487195669c
9b2a7a03ddc1017590c35d6f6a8445baa16dfab6efd16431a8a1f3f797eed557ef7f7cb6597b5d58945
ddb38f26079261d20894f4ccc4b71022eeefc4704e757a6c5a8b8331a3b6e49b60439d09b75362fd72d
77bde2064bce87c19247cb332c1c8774e86c72031f5914d17493a5316895c4a9f8d9e14fde7dfc3b7ff
0173dd23431ec5036c560c8dc77edcce54ef35ba7eeda8b506feb9a561969df01cc671f52f7da302551
4794c7db0c223978b327e7173cea099d187b1f5ba1eba3899759ee2f4f3b7f76419bd2b9f97cdea3bd2
5a12f4ea9c7b19e3225ce85a466b4d6ffa8ee533248a942710893badb0988a5627cb2fd078707cd7a55
b7896c83aae64c18c5c1f2f6a0d427cbb857acf6d26197936bd2409733d8180f91cf164fce87dffcbd3
f7d7e81f6014edc1420301ee1c23397b92926f2855966ecd84e645b7bc284efe93c89f994e1f25deb7d
e3651636e9abaa9c45d53a28a7901e8753b63cdb79683853952f66438b4e5eb68c650c051a7544dff49
5b385b2fb5939cc4c474028a4728e6d7dd84e97e8a9142635c0fe0477e7fac498a4aea7e6a3717b29b5
a5b17347fa493d86d43c415495bc72e7e820cfddf1b3a1215ce7d1e987766296cf3b37a4d6e88494b42
484b89f18971003ea0341f04ce7310544a6e8b7ffcb1f7dff271f0ea4e8b86e4f6aeba511f914a0a7bb
6af560f3328cd5ae8e2b14ed94441a478c321f12913ef29ab95bf810c4e6c55865689568980c9434047
7d403011d73057a1dfdacc87b8491d027002d73c9c965e2709929521105e9c5807a3a146c916c0e5c9e
e247fe891d7b496c3bee731e413ad4dc2e19d75a4d4a2c9283caa9a22055b4491f6693d22dbc32d2a67
e8c1b26587870b0bfdc2b4fcf3743ab7d411e68c7694d7a84c3bca00d1b52bb3782bb922f04ebb4800b
21d149445b102ff2b475c5fccfbff5833ff88b6ff559d10517a4861c437e798c2cb78c993a98f606952
e9bae67dcebca3c1b62a778a8a784c4d16a2b9366e87c081c79d6b9eeb9391e5a37917709f94c442806
2e3c12095e67c3472807d78ceeb51804bd0ac54b569f1c3e0c57633ab9366e7772f28d218398c6c94e3
ef02da3632713bad3e764e22ea94bbde0791254620b243212bbdd0c868c0474f13e02728b83fdaeab9b
867cbb3acff6c3805932a8fad5e43f5a695fa677e74b83266d85cb63a51c0bf105723babf79f1cffd66
fffde0639a642f82046061ea94bc1f944a7473525902248c3e8bd6a235729452e85205b0f7092311456
8396d60c386ea8059326e36e1c0a9cc48ea37401edbc228e46543ce7dc62760f0a5d4d90d25cb6ab5ca
824ad8c20eaeeb6d9cbbb692687c9c603f724bc2d903ad123ae1627c1aaa629d2e3d8539c1613538e86
87cb704353079fd4eab14a97be0eeedea103b859937b5793a13ddc9f8359a80b4ceb8103a9b6836bc66
2788c8b47ca2ef03c12446b804e633c1dd4fff39bbffbb327e7215b0474d7e51e4c976966d3ec45fe19
912666dd0146a283b6cb5076db7bc349ea012c622eedc54c1c9f8918f24046c72c06cb9312262f78e4e
d72e7114c0630033730281ca6b1b4da112a80b241434ca49e2561c2678837691aec71c581dd7557a437
76d0b785b36f66116969a621c34d52bf371d12799573690836c3cd2c4a6ee06041c0e0d95d0113caf21
c5c39940a93dfa7ee1c5674a9b6f1b3254890b031c18f35a6969d596c368795644681b464a7bf64bffd
9ffff8db3f7c2fbaf910b87db724bfc3181ed429e43155c9a38062cc7ee2b398ce6bb8ab41e089337a0
aa701c0286e5b3ea563a40361988eb9444da5b642a853e4df7508ccd2dd34e4a9759afbbf8085c68d51
b54ca193e1b11a937166b3990c0a9a42b60cebfd44b163dff84a4447dfe8ebdde82a494173e0322e092
4a3b93b1af1899ba9a7eaebc07e25d99cbde572b15c8a6f53af6b42698b85bd77480615270d940f8301
cb819b33a0f41f537b057c017c1b9e4a4f7b0067de16dffeebefffa7afffb9b2b3c0369dc736a2fc248
c8dd877d94b893c832a4fd60571c7ce7271bfd0dc0c03d1c8a54e56e6148d53b3656222fe2a8d49b653
78985bc2f3b236bd3e5937b65dbf72501cdc3bfadefb4f3bcec40634db00b9f8f1b3e7674d88f95d788
63cb8b8d86def7993ea8b21fc83a0b6f0fda57d5808c2b1cb7332fb59ea9bcdafc534a8d00b636b7f8f
be9648d77a4fde8785ab39bcf9cad183c359ae10e226879e6cb83118cc92e6a68fc42b718b041dd2761
09c7befa317ffdf7ffcfa452bfe6ce071bca989227f367cdddd06a49a2765f2aaeb29271447246ea6f2
4531a4c853d04d659a3b1e7042ccf25c672834b51bd01efb384877da751357ad2f87eed1fd87f4f5ed9
f7cdc902225d517c1385fccca4d5d9f5f0cb3fb0fc9857790ebc48c0ddb1bd5ea1a22d0ff80b6764c09
e2117c99cd63c8cb5cee7474c7cc6e944cac0a7a81efed21e48cd6afa1ae3743df2f67c52f7ff9cdbb0
7a5a5272197a1eb095d5b04a5332f2dba93c2e781161e8d6430835c69727fffcd7ff8cfef7cf4dcdab9
ea062e6566f6541ad7622601105f9ebed382800a8999f3412cdba428522e274ac12f7437837b9ed6c68
144a4a302d74ab3b82021655207e324605221eb9b8b15b7bba1dbaab2dc05703406341cc5b0c8819ece
a1e6932c313a45470ced9451b8d32639c77d03e0144a997b64a0c10b2eb9ca944b1d198fa94388107f1
3fb8bef1e83a5238fb68786704266971ee18e855358ed417c66d20745313b3c58684ceaa07fcb5105e4
55a586ffea0b6f7cf9e55767719de9d6d3c1b5267715462580d101430dbaeed031710e4d615078470e4
659fcceeffc97bffcce8f427680cc114f270b327180abb07448e492098e3a9437e7890c7aa5ce5bcea9
4ee30d38712e5353847a60e552ccbc03b18e9df1a2e5f533d8729d8677d1dd86ca772f1c6e31986a912
df79df55675e8b3c6178cf0e8720682a1b0c14d
c38aa72f2b4f9350b2d2db0e50fa268ca013e159c6b9481717b410e1496cca8c320ad9901a8d147a855
909a9613f4ae36811f3f9de81c1c49b4ebb824e50db91f3dabe7eaffaa75f7ef330cf62c35a115d4b90
744dd3204459f99e732e3c30c8e503f242e5f77ef8ce7ffcbd6f78da6c0f632cad84472233bb870c5b7
c4cfb41e7758e46f7a9c3f3d833f552f9959e581f095c0bae4e286b6ae12c69587a2a444bd118c53f7b
71b628dc9214191c5883f169914051bbeafc912baad2d8153973b9a4fd7c00e58fe7cf845961dd6ee03
d858db9e5c22fa4d484fa8a3a29644ab380c6e361b2b8a23099dd7975802d3a8df0d054d2347bcb4596
d111ec343b1008a2744d1cda5ffbe52fbef9f27d3a50e4dd6d2e42555419c910f3ff2d6604857ee801a
598f5913be37c53c7fcc9e9f9fffb6f7fefd9aa53d99ce06d940ca3787ee251316a09484e638f9aa641
ff2f8c45f39f35b23506a37760d4e59c53f0d2e3968496fce28b757dbcaa978bf9ddfdc56cb13c3e5f3
ba57ff4c31f3d7bfad1c5d93af04c76d06faca7d7b96112b28e1e3b3a2648b62cc31418ff455aefb3a2
2013ca4dcea7c490197d0e7b256834558c7249192203b3aa2acb82e319b88d01b39386a159bd7cffe05
7df7e6d91638ea13725f9298bbdc3a298f3a815929f8e377a80ffc2e324d0ecbd5d6f82fa77bffb273f
f8d9735f2c697b72248ce03fea7120dc6e94846e83870a022f080009b7c0a44b84b4dd7ebf3bd39477d
f63759afdc5de1b9de2f2bcf3274f8ed7eb0b373fc8abca0d8114f5fe7c59e6676ab36186391dcd5e79
d48aa07f24524d06a25dd7b50c69df6d6e32e5e4389e96fca32be3d1251388b1c95921f1cda0a67c0c8
4e97aabe42b51709e4a865d5ceeeda16f5a9003cfa10a5485375f7ef3cd57ee1f54198948de835c1fe7
8b3d57557939337e0dda74305cbf87e0686ef38ed08171df7fe7fd6ffcd5f742beec3d094a67422b7de
3a6d8c4e46f380c0902cd688606536a3bcc72970470a3e3b1edc3adafb4399b4aaff4380007c09b116c
40f8a85a6dd643731a39087fffe8de97defee2478f4f5e9c6d02f2ffe04ec8f815c33179c5063ceed64
909bfde8cac2ec3deefc4f98ad71ba6b1f275d66d29e10228c6613c373ee1e894486f4b3d433f4fc315
3c89ac432aa76fda2ad35f7aeba5c5bc24c9cfb3bc982fdb70565433cb6df29d295a1f6b18aed074fdf
ede3e223a79f5e4acfef7bffbc76d408b2c3d0d6f0a29fe7aa9a883d17fdb75744079f865d856a65e6e
65ff0989cd2b0f65d258f7c417e1e3b3bb81dc7e5a679e7b77d39d57e4c63b576462b0d909933ed561c
aa1c42bd5e7e1f220a56940cc98a4bbe96e0158ed383b492ca749693e7dabde3013ed817c1df4304f53
c091f2e22951687af5d29dfdcf3dba87483e382564712bbbee226247e8bfdaa2523f602eb6b677ef3d2
24b56d70db9eebff987dffec9e393e06639c7a90d57f0451df4251597627d987c19c2626f6fe056ed57
62989f915c3de9badd7c205f3fc8b007e62a87714c62e48e02f857d21b7996152e031325085fd3828f0
79f5bd2ef08c2b84f2a74dd517fe28df91d6f69e2ae72d9a753296aa0a4a18af461bbed09658170b3c6
c84457b4f706fbc533bf867ba476ddabafbc7aefce92e4c6663939c101757e73f6898d24a0fa212cf70
eee1eddfff8c9d3a6ae8b3cffc10fdff983bffc61c8661cd91e5caadd30936ccb3acaf74146cab2a21b
6f294e3f7f468ac07435f9abf47b97c498b43cd7513c2e6f52c63076c232e2b1b3abf58abb74197660d
09992db7471a28bc17be87bd77a8e9ee980d93a0cf161a8103edb8877cc2c52eee11131b8d37927c921
fa740f9cef8c2d436a24b043ed1f7be54e8f24f588a20283ef64440fd7e26bfe2b4f8d0d61a34a9295a
e7eba08eb5f7efdc16271a8f24c658e7d4e4d6f2701323e908ef35979f0dae766b9fbe827dfaf7c9d9b
fce3b5fb375fffaee7141cdaffa4427e20482b38862b793497cfd1bad55d5f80d4ba55743745bce22e6
5e3ba8adbfd5976482472eae0444bca9ead9bca2bb06fde705e65f1d3c767dffcc13b4fdb36663a43b3
9aac47c73f50ade9b3bbbaed432bb451a6c16174ace23eb23e5c0a3a4c9568ea5a4b5c38458aa319bbf
d01e417cc4d2a7b875a0cc84e986ecc064a924971d50961effa68affce22fbd95e785444f1dc7a5c1a1
e770d26c3e7bfde59795efdf7fef27ccdc1b08bdfefe9ffcf9bb3f7f628d9df0e5444e1a47796cff523
7e8c92081a5eb19cbebed0e3e59efed6ad11bd53b0fc2b552accc562048311d3dcbb3e7cf379b0d8e95
58181e37e198b5d10d9d45dd9c0ca35512bb97fd0f97565c5f1abb7d85fb32322c2ed3d2f40d5fd3583
fd96dfaa09c67b5a46cef3804077ef1808625afbdfae8febdbb9a1982e0ccf19d91157ef1fcf9fae2ac
cacccf7ffcc3930f7e522aa4a25b9dfdcd4f3ef8c3bffc16b2982aee1a0693e6ac8cbd97ac74b3d5f44
be4ba7ec2d25f1f937c2352d8b546c9d1bce14b6dbfe36107729d10058ec3acc8fed9d77ee5eee11e92
ea8ae9669ce5827db2283a681be4e0edc0112d703fc915c15c20d6985aef7045f495197f69c778a25d6
adf645270c1989b0911db23c695edd23c5a6d3f826bf5b827563760ccc4173eff7a55a2f195635de511
f2227debdefff0e7e7a767159cb201990d74b1b327bdfaad3ff8d3330211d90cbd2fc6959a80ab1146a
cf463567a75b142a1f4e47524a64db872b75774dd6dd23341ad2bcfbe2ba0e3a518b961cab495f9c1be
0f647e9d49ccb72094e6d49a3616b4045932a451aa50e44b06ee5d6f46638cb954d6b2cd68eaddf2d86
933aec0a42df988cd274b91938891949a8a6f6bc8eb6cea6565df78f511f77d41cc068c46653a657ffe
ecc57cff80a002378cf48ec76cebbcfce3effcf0473f3f56d94cda36ee2ed674e77c7bb8c38ebf96cbc
5ee66dc365efc06657255cde8347d646790d7750336f2bfc254942f0603dd5c875e1c333d26b013af28
31c8acd9dd0c2e150a530b9b4ff31238d1662596187697e3ba96d8bd88481b1b83a9215c949e48d80fc
29f43f7e0eee1ab8f1ec8c1426641bb75dbb7ca1e3e78e5e9c9395ca3217a57746844967df0ecf8f7ff
e27b9d5bc818e02b5a287d1f778e6ef6ecec6cb158e8447afd747b736bd061e7f05d61dd5e67885e4ae
070665231f3b56efa1ae840ba1c5b7133532be9d1f7bcd2cd5868fec1c4cbd47b735b634873fdd0dde8
40ec46b702226c964f9fdfe1bc61ae868d19fd7bbb597ffe57bf7274f7a0d01d579666da56cf9e7ee4c
bf0e2c5e9791b9e3c3bbeb77760f632ab510df89ffecb1f3d5b0d7a7657b51b1bfba86f106523456146
1f9f9c090043c290b9b153d4ea53b7ea0ad560f7b9e83a2cdcea4625790998c0346404a53d7712209df
5fce4c24bb79971bcbce4119893c225b8bb85425234c1a489c1a7af21c67053b7a76dc30c3532346fec
94726ddb005238ef3755d6cb5412993a4ccab8cf4c78fbedcfe79868e78427fcf4f8058247ae2073535
6d583472ff59c0b71c5ecbb7ff793effeed7bb698d39af348e27805aa242e2b6aec306abe6d49d12dd9
8530570a0b3e3b7dfa1af8e666e7e632b6d29fd437613b82c5baf7deffd9e3c7c780117d403db4f8987
122a620c7c1a59fb4389826c0b5f268c32b19b0385564b2f31c53c7306e59c48dfe0ccf8152c90f3166
37e0b81b8194227e4e1a61da479ed934e3470cbb9796eeae53badb9cde5bd8375f79c085c039e733e2e
3d3a76dcc57e79bb66e36ab751bfb62b95f85fea235ffee0fff7aa5f74d7479e8b9402b33ca5c8d1ab0
ce18a23bbb382677184d4db9cb85d297fcf7ebae92de49daeeea86ad16e5afc1f7c8fc399ee03675051
4389dc25d7a0add6255d183c2338f01a9bea2ac964decd7685b8e241ebda140be90db2d0d2830934b5c
0e34c42bc51a2873640ea5da1910a2762da4ba6a6caf9b59993637b5af9872ded64e6e0d5eec9af6fed
dbb04be13d591fdbb3c2f7ffee10727cf9ea8a1fde22fbdf1ea4b8f4a92b3c5dd3ffee65fbffbfec726
cb55e2e4c7db24983ee8e2e29cae5f55d5643fb6d577d7b0c615a6db8d9a7cea30d7f7fd3463efd3855
28fee14f75345f86ebe28ab92c0936303cf4a2c4a9b3ef960701ca613211d3dc5efd1a953ce16878c05
cfa9c1469cdc376d6ec34513ed5d74ade49824f5b9db735fe28324904387ae8c8f1edeab8a82db63a2d
17430d96b9f7b63dd0e9b4d4f86eae1d19dfd0a2348df3d6e7efb1bdf8ac582a427f0245c69813a8d6a
df713075d7f7ebf57a369b4910f9b698c2a7eab7eb90558eafcd72333a219fb24f3c13566017373f321
c23e7a1de3090b9de89244848fe6a80750cb925d683b553544a6f6ba976c69bded82152ef70fc776414
34029c0bc9058fed95474f107db40774f90e2f3f7ce078f603d09721d4902fe6d5af7ee52b7dd3d0eda
08a02a4c2e2b7bffe272f56832bf77ae4efa2d6dbb90bd77ab698b3f333a1f0a71aac5b6a4326fdf6a9
0d4bb7ab94dad3998912a36fe9253cd1a79893c3811e0ef76c1a1ee3073aa64341641acb38966e3133c
94ec99531d6a027aef3c4d088db46c46aca5ba7665237d18c2766cbf40ab71ff5795ec8edf234c8b06d
3fc5c38886ae9f15e5cbf7ef1756d2f20e2c06660654ce2e909475003f59f9cecf1efff137bfa36c39c
491ea0d32f5d42a5eef2abab6455022675294f4dbda958f5ddf6efadddd14e88d0cdf694ba688e5b443
57e24c57fc90b17cd227fd64ec6abd2110ce633b3c773c401a03cc68a6b08881703b2c14b32b682328d
fb1a8f1927b2b8840a8893a5ef1dab6c061ac8c4f8dc4d40ee96567143113f3867e6f6ff1e0de5deef8
0a0258d4397b000353c9c1a6532ef7a6fccddff98375dd568bbd1edebb80a1ab0b290b470f488e111a0
630d4beac8a2f65ea6eac39b8eef1ec9ab1c82327b87c8d47fce84f9ae33a461ca407719a50467863d3
f6043a53bb226bd535ee02a88449930abbe1d23e5d4213d7eb7252919db9545c3e1dc044214f3d40424
889da346cf28a05f64cb9f6fd70f7f0ce7231a7cdc9809a41ab8fe237a8c0ddcce98e8beffce09d6f7d
efef6665e5db0e5a51a1da075c2e2dfca3ad28d3d3add15b00e173bfa3126e2d4abcc9dbbbf10d53f30
8f99471b241bce677c65dfd29d63fa6c9f69a4781e8b10da5ead025b69fda4c6e37c9a7cc06ac981322
1a0f4bdab927b3ad2fdf6208c3edaa1100d3e6d2dd4f5a4e26ad7b1ea916d214e188c9aadeefbe67dad
4ae6f0983bef4e0683943e55ee05e8fcab770c38d8b8941eaeac1ffdbdff9dd8d47353e8ffe1b1bcc47
e9a3903aec042e2da5ef67ab555ecd7c08fa93a2d4fab622c6eb2a6b3703cb738265286d94c977c92ca
a2b5ca3dd8b9854e3cf130bd032077d2d0b57966ee6620eec1d78d617cf1d969e467c546969d326218e
4e1fe9b66c126347b161dba8537f5b6dc8bae4ccf8894ac7eb5964eed78bb02e776f416348cc74e778f
66e5ddfa470a037ac7aede57bcb5911acc12043f43e1a10d823bf0a152120087cf32fbffb373f7a4757
f31e9164aea51c01287ab4c14987e80626c79e5e5cb8a244a152ea1e63aec7b06f9b16703d4bbb6be79
2651d06561806d3c764921ad3db99a4606faf5875426036182dcc8d59082f68daa1dc2e9c9991e06bee
36e1a440e30a180d63aa224c3cd6d42742c9c4d41dbf41c54fe0b46e6b2b2776350763ae9cd9a9a28fd
674e8bb7999bff4d2a33ccb91f2620e3bf94805fa3370999b366717f56ffdfbdf89dc12efc60fdf65a8
357553d735727ade671c4cbeb1c2e7fa2ddd926cd1bbf8687a3ae1e989228d97bad0c6eb0af0bac86ec
909ac1c390f908691f1b811adb43297223d3bed3852ad901adbe4453dd5ca7f72d06382db137137392b
23af6f17280afb45227ae424dd3b58debb7b68985b89d69dfc9d6c0df9b04c8bacfee3efffd1cf9ebc2
817fba870be49714d0de524335d968560c8a968e27a84f44681ba31287e45cec4caa2713f37a14a53f8
2e6fe48d51f3ebc29ab64ad8c83e618509e998384e0f4c118bb10b54e0ee2c3cc0328c237f467892ca5
dcd95b8e4ae8b1ac659cc6a3b43f052eae5ca03f0dc85e1e50777eeee2df0669713ce666a43e1b8f086
50d0874f4ffef31ffea9ad164d1f1058b9e2f95fae60e9ba8e796ab999d816fae6b0c26eb078370671d
be24ef73f79e25238247ed82e6abfe6d7df9c949a2812f224204a4bafc331a261766ba87d108e4a8afe
7087b3c813cdb837a864d5b71391d4181ddd22ef697ba6f90b5766414f91f54b0da931306a205dfed2d
1e162567141394693a2f10f38f048079a72f1dbbfff472f2e9a680b292eba2d922b5ec1c5f9059390b4
dad2086f76e676ede21558717d47771d5e6134a009dc7838a6079f825e57ab54af75a9d8adf19f02715
cea24c0eb9a4de212a9ed2a27f40ceea0e70ee871b7d452f0522a591f6b7da722de1d476f7b36f58e8c
8fd1c6b4407e0899352fddbb539525b25ccc87417956c4dc1cedaaf73e7cfcf53ff90b3bdb238b9afdf
f8c5dd98f14b919b75daeaabe66180644a2458ab48a94877dc8df9e876c0e14e55214584d121685c022
205aa224423c4430dd3d5ddd55b6f31db6cbe5aa6e6634420dd3f47497cb9fbfe37768f4d43e76dac3f
1b3d96e5bb4c6e2d02a8e0d8b450f0f94e37e5d361b1bcf26789160cb323c88207676b2fe9ddc8bc3fd
9ae85b78697e1be508068bc42333e7a979aa67a13b19100db27f514f50b6d459177161062b94ec256e6
5a4008a3860c45cd6b48bc5fcfefd4b854af382bdd310cd89847a6164f18b5ffd66bd6b31ef51c866a4
4e9dc8ba1b3e333666b3de7023d5b22f213a4edc0a3e979e972922637c6ca1697ae091e1742a1cbd69a
c4bdfd5e48e4ce43abc4299f3b42d64204429694fb9f110af482912a466407d6fe2fa48eb213df0e40a
2b1814c4241befae2d50804ca4754fdfd9c469a
324b96d96e65764bba25053d992fb37ca6bc21a2026f287f3f9bd127ed16c27961de62a5be96e90995d
2f5fbc79f787c757f5d9391256c9e45d51cb9b6922c418545c5bc3c7f8b8dea16417ea30166c9cac037
1de8391d870d873d76cfcb68c050e3e1dfc342c40f869fc8f31c050a316fe44093ecac563e1918d36b2
2b933da147aa08558972661020077f69a569d135c8127155f662127d4eedcf2dca17784e1746b9e446a
d9852e450a0aab02d2a7ab8507e0fb626b292bc370ddd4d920c98111e4d9902767fa5266670db3eb803
556c654471700aa9a3b67590d42975b0c52f1ffd0e6a5823d95c8de1ba36b6cd50555a713989976fb7d
b57f59c61b4118a144630b1ece73d6d07aa15b2bf129edfc74a232aded322660abc2af1af9cd7a53977
163f8fcdac07c0398bf8d5c28a3d9ab4b6249b69c4675d2f43f8ea9552c2e5163e61a49f37cdbe4327a
822dde3031857084a81c8e8c3377b81c35106e1ebdefd4b5716a4906e68c30b0dc1cde9172fde3efee6
e9bc5ea1b63e21039092a56c16d959aa66b3d9a0c202f66952d041becb3f0be33a395c76dc68484fd63
824cb4259062e9b6c67f46326920a86ebb559efaefff74919578851e2306aada7dd27df128a11962b29
7e8b0c47e172c126b667a94452aff4438825c5a2a2d4cdb3a6ad0b79f7f2023d33cb82641170d84718d
4ea673fff75b3b70a072ddc69b11c7c320401e40b7086ef7668099c45dd710d3bb96093f5537ab3f24b
7082c0b440ee0c71c48bc74f1c2c65816e9ce94df14c504e5c4bd7dc1c5c6b4ad49a70ca89b4da12631
8669a1a8a9e88890b4e827225df59ecbd91d516220838a4a3b040bff249074654d32d4a75f762a9eb12
61cd85176351aa7afaf7977f79fabc5a9c752ccaca18691925b6a39a21bea58f1f3f923cae4e3bd65e0
1474e9426c720f9d98d3fe024913a2a7cd818e8d202c3fb6c276dfe7172989e5b83c45206951fec9fa9
ba2ae49126a03c6d9dcd40c85186ca378eaf81580b307aa8079ea2ebc73696f80454b739e20f9bc31e8
ea38bb31595662dd38f517042955f3ffafd0685f95447075950b521fdfae40bd606ed24da9689603d94
5e0e14b4b38d95ad5076bc8f871a36d418fcb4a6690c0195c7f8a163cd2771d2740a656e5095ccb4d6b
14713037df454b571ec857c9332442d222553994b0ab5d21bbcd08b7872a774e34bc385209ad771b708
72c5b6bd73f7fcce6a5953bb8a5e02a27cf5ecf59bc77ffbb63e5fb5c46b0cd34fe2d025fd31ac85bbe
efafa7a36ab53bdecc81b704e08390d99bbfd97afee69913866c003c4efe5244697751c6ecf97b4e476
df75cc14250629b2c0478be48275df3140a422bb6aa6cbeff70d67beac40c592d09e41a711c40bd915c
76bb8cd6317d22764cc08a609087ce8b3d56a8e66870575ef891353e9dffef14f9f76fb8be5d227c4a4
164c81967bf896cda360e3c20ad1b154e5758f9f934966409fbea3d34d9022d4d2232de6dff0985578b
3847bb2833e16319cdc46785043f46693d3a244bd7e1275d1dcef8755530e15a424915109901ccf68e7
195e98d542cd04cb8007bb20132ecaceb5446f4b3cd66db7877d8a78726951a7575764af877423a2947
53e3aa37b3b544806fe67056fe5d09d5f5c1eaa794b2ebd700f693dfb70bdfff35fffa1674b6348a09f
382b2deb3ba3c5b260cd67a58ba63b6c9aa69a2fa4aea95e4829b19830499f8a8ae0192eb2689655306
c291d0f0f7fc2580fa4e1cc089607eae5c98016b75ad6d44864bfedb8cf84ee9da4b00357475b392f17
1b63f69a8c7a2023e2bbdb26afdb6b80647200f12c65a98a4059088809c9e405e1df079b36733a64229
2029275ea26100a9c74486119befaeaa70f7ff463579fb5b294d5ccaaeaedbbffbcfff08190b7ac3ee2
b8e314c0535e2f1d5e604396d9705f9305dfad385f932747ea6e1363503f350e0d2f5e00ce506e1333d
3beed7827c554904e501a3b209ecb34bb4651231f8284c60f6669323d39b2741eece7f10a85ef00c111
cd0982af0d7569981d4a3c3d9a4a9492680bf026763b9bf64b48c5168f1e47c95abbef60c3ddffc1170
fbffcc9cde146a3b9ec16f2ef97afdeec0fedac223e0ef1c16256c617ce612c2d21e786afd5ea1cb982
a80c778a369fe1b38e4dfcbc93a20b8e6e62b0a338c03241f136e0e44c12288f7249f91f85750f685a8
c7352f84cb063516c03ce6dd7d95c9a217835f33a59ee1f040fe19417cf160ea5ae31dc6147c01e0e68
e365c51c0effa2d08cbfec0780583031149bf722124897abbb8d29f5eac1c5f9fcb0dfae37eb67cf5fe
16e24fb68df710f1d3f5f36a25f9b59af37354980b342d304287a0a5a15c35d367b75c36959dad7efd5
1f299964c5871357ff58df615224b0afde58590c170c959674a9e14c4153878eeae7043ce19f47491a8
216096fe8aa527bdaf2104e4c086152fd263d127840b27ef666d7ec6e1a22a6f766f534672c08f613a6
5cb8ecba5cacacae5b53ec4c315f5dca83fdfedfef8ba26221e1540023062b5898ed764b29d68c27fd3
cb14c88d8d36df2b4019afe34f60b44907bc8120144a551fab3582ce2bd124bf574f69100178bd88809
0ea5769cfe7114257eadf1e2efb48b97cb250a02e763cd50c7193fa697381fc53eb22012ddb166492cb
02411fc7159e190a867358fa2fa4525576b89fe7b083855a49008f74c8b72d914e28bd2a8e2f977afff
f9afffea7a4ec7d9604ce56b4925e16c83d3280e8d62223beef3cae3c4d023ed86c17c39f60e78ab45f
2efe96e7a3aa95109a9ed4406e811c251e9958f5d399982d3cf986fa6852fa7b18353694b786b29551e
d3293c06fe9334ec3f434a575559ee2937493e002a7148d4b1152c838753f2f98ca5ede115ab72f6e4c
9d5fed0c1f5c7e6100aa7c55bcfff768896ebed1a620ee50b660ccd99942839cee1959307d578fe123b
5e27ce98787af136cae6d719466a70f191b4ecc8e24f05e72976fb89d0c0bef1417d78363022b613463
04d0ace4e1c033d79d0171d600551eac8d646b65e895db928698c9fc184b41023465162c7ae3d34cea0
9dc676b3bdbabac2cc0259988e472cfc4d6d335c27c8292077582c969e28d84301073dc313cbd3dfb0c
16e303e4e65dbd37bdf86f432f62127af463ad84c93b713156ec4fe632842bc97b45e8f060f98ff0b30
000f48d02bcf68fc9f0000000049454e44ae426082}}}}
{\field {\*\fldinst HYPERLINK
"http://uk.practicallaw.thomsonreuters.com/Link/Document/Blob/Ib9d98ef3d06011e79bef
99c0ee06c731.png?
targetType=inline&originationContext=document&vr=3.0&rs=PLUK1.0&transitionType=Docu
mentImage&contextData=(sc.Default)" }{\fldrslt
{\b0 \cf5 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u8203\'3f
}\b0 \cf5 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0 }}
\sb50
\par
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb250
\u160\'3f
\par
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf38 \f6 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f6 \i0 \fs20
{\b1 \cf38 \f6 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
T
}
}
{\b0 \cf38 \f6 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
+555 9555
\par
}
{\b0 \cf38 \f6 \ri0 \i0 \qj \fs20 \li0
}
{\b1 \cf38 \f6 \i0 \fs20
{\b1 \cf38 \f6 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
F
}
}
{\b0 \cf38 \f6 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
+ 810 3110
\par
}
{\b0 \cf38 \f6 \ri0 \i0 \qj \fs20 \li0
}
{\b1 \cf38 \f6 \i0 \fs20
{\b1 \cf38 \f6 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
E
}
}
{\b0 \cf38 \f6 \i1 \fs20
{\field {\*\fldinst HYPERLINK "mailto:Andrea.Relucio@Romulo.com" }{\fldrslt
{\b0 \cf5 \f6 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
Andrea.Relucio@Romulo.com
}\b0 \cf5 \f6 \ul0 \strike0 \i1 \fs20 \sa0 \sb0 }}
\par
}
{\b0 \cf38 \f6 \ri0 \i0 \qj \fs20 \li0
}
{\b1 \cf38 \f6 \i0 \fs20
{\b1 \cf38 \f6 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
W
}
}
{\b0 \cf38 \f6 \i1 \fs20
{\field {\*\fldinst HYPERLINK "http://www.romulo.com" }{\fldrslt
{\b0 \cf5 \f6 \ul0 \strike0 \i1 \fs20 \sa0 \sb0
www.romulo.com
}\b0 \cf5 \f6 \ul0 \strike0 \i1 \fs20 \sa0 \sb0 }}
}
{\b1 \cf38 \f6 \i0 \fs20
{\b1 \cf38 \f6 \ul0 \strike0 \i0 \fs20
\par
}
}
{\b0 \cf38 \f6 \ri0 \i0 \qj \fs20 \li0
}
{\b1 \cf38 \f6 \i0 \fs20
{\b1 \cf38 \f6 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Professional qualifications.
}
}
{\b0 \cf38 \f6 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Lawyer, Philippines Bar (2001); New York Bar (2012
}
{\b1 \cf38 \f6 \i0 \fs20
{\b1 \cf38 \f6 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
).
\par
}
}
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \i0 \fs20
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Areas of practice.
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Energy, banking and finance, infrastructure, telecommunications, public-private
partnerships
\par
}
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b0 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0
{\b1 \cf38 \f5 \i0 \fs20
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
Languages.
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
English, Filipino
\par
}
}
}
{\b0 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
\u160\'3f
\par
}
}
}
}\b0 \cf38 \f5 \ri0 \ul0 \strike0 \i0 \qj \fs20 \li0 \sa0 \sb0 \intbl \cell
\row }}\par
{\b1 \cf38 \f5 \ri0 \i0 \qj \fs20 \li0 {
{\trowd \lastrow \trkeep \trleft0
\clbrdrt \brdrcf41 \brdrw20 \brdrs \clbrdrb \clbrdrl \trql \clwWidth3911 \cellx3911
\clbrdrt \brdrcf41 \brdrw20 \brdrs \clbrdrb \brdrcf41 \brdrw20 \brdrs \clbrdrl
\brdrcf41 \brdrw20 \brdrs \clbrdrr \brdrcf41 \brdrw20 \brdrs \trql \clwWidth2267
\cellx6178
\clbrdrt \brdrcf41 \brdrw20 \brdrs \clbrdrb \clbrdrr \trql \clwWidth3911
\cellx10089
\intbl
{\b1 \qc \cf38 \f5 \ri0 \i0 \fs20 \li0
}\b1 \qc \cf38 \f5 \ri0 \i0 \fs20 \li0 \intbl \cell \intbl
{\b1 \qc \cf38 \f5 \ri0 \i0 \fs20 \li0
{\b1 \cf38 \f5 \ul0 \strike0 \i0 \fs20 \sa0 \sb0
END OF DOCUMENT
}
}\b1 \qc \cf38 \f5 \ri0 \ul0 \strike0 \i0 \fs20 \li0 \sa0 \sb0 \intbl \cell \intbl
{\b1 \qc \cf38 \f5 \ri0 \i0 \fs20 \li0
}\b1 \qc \cf38 \f5 \ri0 \i0 \fs20 \li0 \intbl \cell \row }}\par
}
{\b0 \cf5 \f5 \i0 \fs20
{\*\bkmkstart kh_relatedContentOffset_1}{\*\bkmkend kh_relatedContentOffset_1}
\par
}
{\b0 \cf1 \f5 \ri0 \i0 \qj \fs20 \li0
}
}
}
}\sect }

Vous aimerez peut-être aussi