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PRESIDENTIAL DECREE NO. 1443
PRESIDENTIAL DECREE NO. 1443 -
AMENDMENT TO Section 5 (b) OF REPUBLIC ACT NO. 6395 AS AMENDED, BY
PRESIDENTIAL DECREE NOS. 380, 395, 758 AND 1360
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WHEREAS,
the power expansion program undertaken by the National Power
Corporation covering a period of ten (10) years would need effective
government support through equity contributions to NPC to sustain said
programs; chanroblesvirtualawlibrary
WHEREAS, the present Revised Charter of National Power Corporation
limits the government equity contributions to annual appropriation of
P200 Million to pay the balance of the unpaid subscription of the
government to the capital stock of the Corporation;chanroblesvirtualawlibrary
WHEREAS, to insure adequate funds and sustain the Corporation's power
development, there is an imperative need to appropriate such additional
sums as may be necessary to meet the yearly financial requirements of
the power program;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 that —chanroblesvirtualawlibrary
Section 1. Section 5 of the Charter of the National
Power Corporation, Republic Act. No. 6395, as amended by Presidential
Decree Nos. 758 and 1360, is hereby further amended to read as follows:cralaw:red
"Sec. 5. Capital Stock of the Corporation. — The
authorized capital stock of the Corporation shall be Fifty Billion
Pesos (P50,000,000,000.00) divided into Five Hundred Million
(P500,000,000) shares having a par value of One Hundred Pesos each,
which shares are not to be transferred, negotiated, pledged, mortgaged,
or otherwise given a security for the payment of any obligation. The
sum of Three Hundred Million Pesos of said capital stock has been
subscribed and paid wholly by the Government of the Philippines in
accordance with the provisions of Republic Act Numbered Four Thousand
Eight Hundred Ninety-Seven.
"The remaining Forty-Nine Billion Seven Hundred Million Pesos shall be
subscribed by the Government of the Republic of the Philippines and
shall be paid as follows:cralaw:red
"(a) The sum of Twenty-Nine Million Two Hundred
Sixty-Seven Thousand Six Hundred Pesos representing outstanding cost
and interest of reparation goods procured by the Corporation pursuant
to the provisions of Republic Act Numbered Seventeen Hundred
Eighty-Nine, shall be additional paid-in subscription of the Government
of the Philippines for Two Hundred Ninety-Two Thousand Six Hundred
Seventy-Six shares of stock of said capital stock.
"(b) The balance of said subscription shall be paid
by the conversion into equity capital of the existing bonding
indebtedness, cost of reparation goods that may be allocated in the
future and surpluses of the Corporation as well as from such as shall
be appropriated annually out of any funds in the National Treasury not
otherwise appropriated, be they collections from any or all taxes
accruing to the general funds or proceeds from loans, the issuance of
bonds, treasury bills or notes which are hereby authorized to be
insured or to be issued by the Secretary of Finance for the purpose,
such annual appropriation to be programmed and released by the Budget
Commission in accordance with the schedule of cash requirements to be
submitted by the corporation until the balance of the unpaid
subscription of the Government to the capital stock of the Corporation
shall have been paid in full." chanroblesvirtualawlibrary
Section 2. This Decree shall take effect immediately.
DONE in the City of Manila,
this 11th day of June, in the Year of Our Lord, Nineteen Hundred and
Seventy-eight.
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