commission of the acts complained of. UTILITY MODELS - are models of implement or tools of any industrial product even if not possessed of the quality of invention but which is of “practical utility.” Sec. 108.1 treats patents and utility models similarly what distinguishes a utility model however from a patentable invention is set forth in Sec. 109.1: An invention qualifies for registration as a utility model if it is “new” and “industrially applicable.” That is why it is said that the degree of inventiveness necessary for the grant of protection to utility model is lower in degree than that required of a patentable invention. MANDATORY PROVISIONS The law requires that certain mandatory provisions be incorporated in the technology transfer agreement (TTA) a. Philippine Law should govern the interpretation of contracts and that in case of litigation, the venue shall be the peace where the licensee has its principal office. b. The licensee shall have continued access to improvements in techniques and processes related to the technology for the duration of the TTA. c. In cases of arbitration, the arbitration laws of the Philippines or of the UN Commission or International trade law or of the International Chamber of Commerce shall apply and the venue shall be the Philippine or any neutral country, and d. Payment of Philippine Taxes relating to the TTA shall be borne by the licensor. VI. BANKING LAWS R.A. 337 (GENERAL BANKING ACT) VOTING STOCK OF A BANK THAT MUST BE OWNED BY FILIPINO CITIZENS: At least 70% - must be owned by Filipinos. 30% - can be owned by Foreigners. EXCEPTIONS: a) The Monetary Board may, with the approval of the President, increase the percentage of foreign voting stock in any domestic bank from 30% to 40% (Sec. 12 and 12-A, RA 337) . b) Where a new bank is established as a result of 1) local incorporation of the existing branches of foreign banks pursuant to Sec. 68 of RA 337 or 2) merger or consolidation of existing banks in any of which there are foreign owned voting stocks at the time of consolidation (Secs. 12 and 12-A, RA 337) . c) When MB authorizes foreign banks to operate through any of the following: 1) by acquiring, purchasing or owning up to 60% of the voting stock of an existing bank; 2) by investing in up to 60% of the voting stock of a new banking subsidiary incorporated under laws of Philippines; 3) by establishing branches with full banking authority, provided: a) foreign bank may avail itself of only one mode of entry and b) foreign bank or Philippine corporation may own up to 60% of the voting stock of only one domestic bank or new banking subsidiary (Sec. 2,RA. 7721) .
d) Foreign banks or certain Philippine corporations may own up to 60% of voting stock of a domestic bank (RA 7721) . e) Foreigners or any foreign corporation may own up to 60% of the voting stock in thrift banks established after approval of RA No. 7906 .
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- Fall '19