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PRESIDENTIAL DECREE NO. 1381
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PRESIDENTIAL DECREE NO. 1381 -
AUTHORIZING THE NATIONAL GRAINS AUTHORITY TO ENGAGE IN INSURANCE
GENERAL AGENCY AND CREATE A SUBSIDIARY FOR THE PURPOSE, PROVIDE FUNDS
THEREFOR AND FOR OTHER PURPOSES
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WHEREAS,
Presidential Decree No. 4 requires all NGA licensed Miller, and Bonded
Warehousemen to secure insurance policies and bonds for the protection
of farmers/traders who deposit grains stocks with the former; chanroblesvirtualawlibrary
WHEREAS, there is the need to facilitate the servicing of the insurance
and bond requirements of millers and bonded warehousemen in far-flung
areas so as to maximize the protection of Farmers' and Traders' grain
deposits.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of
the Philippines, by virtue of the power vested in me by the
Constitution, do hereby order and decree. chanroblesvirtualawlibrary
Section 1. The National Grains Authority shall be
empowered to act as an insurance general agent and organize a
subsidiary for the same purpose.
Section 2. In its capacity as an insurance general
agent, NGA or its subsidiary is authorized to enter into a contract of
insurance general agency with the Government Service Insurance System
and other reputable private insurance and bonding companies.
Section 3. The National Grains Authority shall set
aside funds necessary for the full implementation of this Decree to be
appropriated from its corporate funds.
Section 4. The National Grains Authority shall
promulgate the rules and regulations, necessary to implement this
Decree.
Section 5. All laws inconsistent with the herein
provisions shall form an integral part hereof.
Section 6. This Decree shall take effect immediately.
Done in the City of Manila,
this 24th day of May, in the year of Our Lord, nineteen hundred and
seventy-eight.
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Since 19.07.98
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