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Uncertificated security PDF Print E-mail
Glossary - U

A security evidenced by electronic or similar records. (R.A. 8799, also known as "The Securities Regulation Code," Sec. 3.14)

 

 
Unfair labor practice PDF Print E-mail
Glossary - U
Any unfair labor practice as expressly defined by the Code. (Labor Code, Art. 212 [k])
 
Unfair labor practices of employers. It shall be unlawful for an employer to commit any of the following unfair labor practice:
(a) To interfere with, restrain or coerce employees in the exercise of their right to self-organization;

(b) To require as a condition of employment that a person or an employee shall not join a labor organization or shall withdraw from one to which he belongs;

(c) To contract out services or functions being performed by union members when such will interfere with, restrain or coerce employees in the exercise of their rights to self-organization;

(d) To initiate, dominate, assist or otherwise interfere with the formation or administration of any labor organization, including the giving of financial or other support to it or its organizers or supporters;

(e) To discriminate in regard to wages, hours of work and other terms and conditions of employment in order to encourage or discourage membership in any labor organization. Nothing in [the Labor] Code or in any other law shall stop the parties from requiring membership in a recognized collective bargaining agent as a condition for employment, except those employees who are already members of another union at the time of the signing of the collective bargaining agreement. Employees of an appropriate bargaining unit who are not members of the recognized collective bargaining agent may be assessed a reasonable fee equivalent to the dues and other fees paid by members of the recognized collective bargaining agent, if such non-union members accept the benefits under the collective bargaining agreement: Provided, that the individual authorization required under Article 242, paragraph (o) of [the Labor] Code shall not apply to the non-members of the recognized collective bargaining agent;

(f) To dismiss, discharge or otherwise prejudice or discriminate against an employee for having given or being about to give testimony under [the Labor] Code;

(g) To violate the duty to bargain collectively as prescribed by [the Labor] Code;

(h) To pay negotiation or attorney’s fees to the union or its officers or agents as part of the settlement of any issue in collective bargaining or any other dispute; or

(i) To violate a collective bargaining agreement. (Labor Code, Art. 248, as amended)
Unfair labor practices of labor organizations. It shall be unfair labor practice for a labor organization, its officers, agents or representatives:
(a) To restrain or coerce employees in the exercise of their right to self-organization. However, a labor organization shall have the right to prescribe its own rules with respect to the acquisition or retention of membership;

(b) To cause or attempt to cause an employer to discriminate against an employee, including discrimination against an employee with respect to whom membership in such organization has been denied or to terminate an employee on any ground other than the usual terms and conditions under which membership or continuation of membership is made available to other members;

(c) To violate the duty, or refuse to bargain collectively with the employer, provided it is the representative of the employees;

(d) To cause or attempt to cause an employer to pay or deliver or agree to pay or deliver any money or other things of value, in the nature of an exaction, for services which are not performed or not to be performed, including the demand for fee for union negotiations;

(e) To ask for or accept negotiation or attorney’s fees from employers as part of the settlement of any issue in collective bargaining or any other dispute; or

(f) To violate a collective bargaining agreement. (Labor Code, Art. 248, as amended)
 
Useful expense PDF Print E-mail
Glossary - U
That which increases the value or augments the income of the property, as contrasted to a necessary expense which is incurred for the preservation of the thing. (Calagan vs. CFI of Davao, Branch II, G.R. No. L-30402, 28 January 1980)
 
 
Underwriter PDF Print E-mail
Glossary - U

A person who guarantees on a firm commitment and/or declared best effort basis the distribution and sale of securities of any kind by another company. (R.A. 8799, also known as "The Securities Regulation Code," Sec. 3.15)

 

 
Unaccepted offer PDF Print E-mail
Glossary - U

It refers to an option contract. (Limson vs. CA, G.R. No. 135929, 20 April 2001)

 
Usury PDF Print E-mail
Glossary - U

Contracting for or receiving something in excess of the amount allowed by law for the forbearance of money, goods or things in action. Under the Usury Law (Act 2655, as amended by P.D. 116), which is now no longer in effect, the legal rate of interest for the loan or forbearance of any money, goods or credits, where such loan or renewal or forbearance is secured in whole or in part by a mortgage upon real estate the title to which is duly registered, in the absence of express contract as to such rate of interest, shall be 12% per annum. Any amount of interest paid or stipulated to be paid in excess of that fixed by law is considered usurious, therefore unlawful. (Spouses Puerto vs. CA, G.R. No. 138210, 6 June 2002)

 


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