A
collection of Philippine laws, statutes and codes
not
included or cited in the main
indices
of
the
Chan Robles Virtual Law Library
PRESIDENTIAL DECREE NO. 1465
|
PRESIDENTIAL DECREE NO. 1465
- AMENDING PRESIDENTIAL DECREE NO. 492, AS AMENDED, ENTITLED "CREATING
THE METRO MANILA TRANSIT CORPORATION, APPROPRIATING THE FUNDS THEREFOR
AND FOR OTHER PURPOSES
|
chanroblesvirtualawlibrary
WHEREAS,
under Presidential Decree No. 492, dated 27 June 1974, as amended by
Presidential Decree No. 860, and 1168 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 (3,000,000)
shares to be subscribed and paid for by the Government in the total sum
of Ten Million Pesos (P10,000,000) while the remaining One Million
(1,000,000) shares are to be sold to persons or entities operating
public utility vehicles in Metro Manila; chanroblesvirtualawlibrary
WHEREAS, the paid-in capital of Ten Million Pesos (P10,000,000),
although increased by Fifteen Million Pesos (P15,000,000) under
Presidential Decree No. 1168, representing the total subscription of
the government to the capital stock of the corporation is still
inadequate to enable the corporation to achieve the objectives for
which it was created;chanroblesvirtualawlibrary
WHEREAS, it is imperative that the corporation be provided with
additional funds to continue operations and to carry out its mission.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, de hereby
order and decree: chanroblesvirtualawlibrary
Section 1. Section 4 of Presidential Decree No. 492,
as amended, is hereby amended further to read as follows:cralaw:red
"Sec. 4. Authorized Capital Stock, Appropriation. —
The Corporation shall have a capital stock divided into twenty-six
million voting and no par value shares of which twenty-five million
shares shall be subscribed and paid for by the Government of the
Republic of the Philippines. For this purposes, the amount of One
Hundred Twenty-five Million Pesos is hereby appropriated from the
general funds, to be applied to the full payment of twenty-five million
shares subscribed by the government. The schedule of releases shall be
approved by the President the Philippines."
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.
|
Back
to Home
- Back
to Main
chanroblesvirtuallawlibrary
Since 19.07.98
|
