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PRESIDENTIAL DECREE NO. 1169
PRESIDENTIAL DECREE NO. 1169 -
INCREASING THE CAPITALIZATION OF THE NATIONAL DEVELOPMENT COMPANY,
APPROPRIATING FUNDS THEREFOR, AND FOR OTHER PURPOSES
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WHEREAS, in
line with the objectives of the Government to establish a copper
smelter and refinery in the country, a joint investment venture has
been concluded pursuant to a memorandum of agreement signed on June 14,
1976, between a consortium of Philippine copper mining companies and
the Government as represented by the Presidential Advisory Committee on
the Copper Industry;chanroblesvirtualawlibrary
WHEREAS, the National Development Company by virtue of its charter is
the proper corporate government vehicle to represent the government in
this joint investment venture;chanroblesvirtualawlibrary
WHEREAS, the government's equity participation in the copper smelter
project will contribute in a large measure to the attainment of the
national development goals;chanroblesvirtualawlibrary
WHEREAS, in order to ensure effective government participation in the
project, there is need to strengthen the National Development Company;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution do hereby
decree and order:cralaw:red
Section 1. The authorized capital of the National
Development Company, created under Commonwealth Act No. 182, as
amended, is hereby further increased to Four Hundred Fifty Million
Pesos (P450,000,000.00), the additional capitalization to be fully
subscribed by the National Government: Provided, however, That two
Hundred Ten Million Pesos (P210,000,000.00) of the additional
capitalization shall be used as equity participation in the copper
smelter project of the Philippine Associated Smelting and Refining
Corporation (PASAR).
Section 2. To pay for the additional capital
subscription mentioned in the preceding section, the sum of Two Hundred
Fifty Million Pesos (P250,000,000.00) is hereby appropriated out of the
available funds in the National Treasury, Fifty Million Pesos
(P50,000,000.00) of which shall be released in Calendar Year 1977 for
the equity contribution to the copper smelter project and subsequent
releases for such project shall be made from time to time in accordance
with a schedule of equity payments as recommended by the Presidential
Advisory Committee on the Copper Industry and approved by the President
of the Philippines. chanroblesvirtualawlibrary
Section 3. Under the provision of the Presidential
Advisory Committee on the Copper Industry, the National Development
Company shall, as stockholder in the copper smelter project, exercise
all the rights, privileges, powers and duties as such: Provided,
however, that all dividends and moneys representing returns on
investments in such project shall be remitted by the National
Development Company to the National Treasury.
Section 4. Any law, decree, order, rule or regulation
inconsistent herewith is hereby repealed or amended accordingly.
Section 5. This decree shall take effect immediately.
DONE in the City of Manila,
this 11th day of July, in the year of Our Lord, nineteen hundred and
seventy-seven.
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