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PRESIDENTIAL DECREE NO. 1168
PRESIDENTIAL DECREE NO. 1168 -
AMENDING Section FOUR OF PRESIDENTIAL DECREE NO. 492, AS AMENDED,
ENTITLED "CREATING THE METRO MANILA TRANSIT CORPORATION, APPROPRIATING
THE FUNDS THEREFOR AND FOR OTHER PURPOSES"
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WHEREAS,
under Presidential Decree No. 492 dated June 27, 1974, as amended by
Presidential Decree No. 860, it has been declared to be the policy of
the state to rationalize and integrate public transportation
services; chanroblesvirtualawlibrary
WHEREAS, to attain this objective, the Metro Manila Transit Corporation
was created with a capital stock divided into Three Million Pesos
(3,000,000) shares to be subscribed and paid for the by the government
in the total sum of Ten Million Pesos (P10,000,000.00), while the
remaining One Million (1,000,000) shares are to be sold to persons or
entities operating public utility vehicles in Metro Manila at issue
values to be determined by the Board of Directors;chanroblesvirtualawlibrary
WHEREAS, the paid-in capital of Ten Million Pesos (P10,000,000.00)
representing the total subscription of the government to the capital
stock of the corporation is inadequate to enable the corporation to
achieve the objectives for which it was created considering the huge,
cash outlay needed in the acquisition of rolling stocks, repair and
maintenance equipment and other facilities;chanroblesvirtualawlibrary
WHEREAS, it is imperative that the corporation be provided with
additional funds to continue operating and carry out its mission;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
order and decree;chanroblesvirtualawlibrary
Section 1. Section 4 of Presidential Decree No. 942,
as amended, is hereby amended to read as follows:cralaw:red
"Sec. 4. Authorized Capital Stock, Appropriation.
The Corporation shall have a capital stock divided into Six Million
voting and no par value shares to be subscribed, paid for and voted as
follows:cralaw:red
(a) Five Million shares of stock shall be subscribed
and paid for by the government of the Republic of the Philippines. For
this purpose the amount of Twenty Five Million Pesos is hereby set
aside from the general funds, not otherwise appropriated, to be applied
to the full payment of Five Million shares subscribed by the
government."
Section 2. The unpaid balance of fifteen million
pesos (P15,000,000.00) of the increased capitalization authorized
pursuant to this Decree shall be released during the second quarter of
calendar year 1977.
Section 3. This Decree shall take effect immediately.
DONE in the City of Manila,
this 27th day of June, in the year of Our Lord, nineteen hundred and
seventy-seven.
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