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PRESIDENTIAL DECREE NO. 1161
PRESIDENTIAL DECREE NO. 1161 -
FURTHER AMENDING PRESIDENTIAL DECREE NO. 257 CREATING THE PEFTOK
INVESTMENT AND DEVELOPMENT CORPORATION, AS AMENDED BY PRESIDENTIAL
DECREE NOS. 536 AND 959
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WHEREAS,
Presidential Decree No. 257, dated July 31, 1973, as amended by
Presidential Decree No. 536 dated August 9, 1974, particularly Section
3 thereof, prescribes that the capital stock of the PEFTOK Investment
and Development Corporation shall be Four Million Pesos (P4,000,000.00)
divided into Four Hundred Thousand (400,000) common shares with a par
value of Ten Pesos (P10.00) each; chanroblesvirtualawlibrary
WHEREAS, in the National Convention of the PEFTOK Veterans Association
(PVAI) held at Camp Crame, Metro-Manila on September 12, 1976, the
members who are also the stockholders of the PEFTOK Investment and
Development Corporation (PIDC) passed and adopted unanimously PVAI
Resolution No. 0276 to request the proper authorities to increase the
authorized capitalization of the Corporation to P8.5M;chanroblesvirtualawlibrary
WHEREAS, because of the increasing and expanding developmental
investment operations of the corporation, and in order to better
improve its present credit standing and to successfully carry out its
mission of uplifting the economic lot of all Veterans in general and
the PEFTOK Veterans and their dependents in particular;chanroblesvirtualawlibrary
WHEREAS, the PEFTOK Investment and Development Corporation (PIDC) has
attained in the short span to three years of an outstanding growth with
assets and liabilities of P10,997,657,02 as of December 31, 1976; chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of
the Philippines, by virtue of the powers vested in me by the
Constitution, do hereby order and decree, as part of the law of the
land, the following: chanroblesvirtualawlibrary
Section 1. A new provision is hereby inserted a
Section 3-b of Presidential Decree No. 257, as amended, to read as
follows:cralaw:red
"Sec. 3-b. The authorized capitalization of the
PEFTOK Investment and Development Corporation shall be Eight Million
Five Hundred Thousand Pesos (8,500,000.00) divided into eight hundred
fifty thousand (850,000) common shares with a par value of Ten Pesos
(P10,00) each;"
Section 2. This Decree takes effect upon approval.
Section 3. All laws, decrees, orders and rules and
regulations which are inconsistent herewith are hereby repealed
or modified accordingly.
Done in the City of Manila,
this 8th day of June in the year of Our Lord nineteen hundred and
seventy-seven.
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