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PRESIDENTIAL DECREE NO. 1516
PRESIDENTIAL DECREE NO. 1516 -
FURTHER AMENDING THE CHARTER OF THE PHILIPPINE NATIONAL OIL COMPANY AS
PROVIDED FOR IN PRESIDENTIAL DECREE NO. 334, AS AMENDED
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WHEREAS,
under Presidential Decree No. 334, as amended, the Philippine National
Oil Company is expressly tasked with: chanroblesvirtualawlibrary
(a) maintaining an adequate and stable supply of oil
and petroleum products;chanroblesvirtualawlibrary
(b) promoting the exploration, exploitation and
development of local oil, petroleum and other energy resources, and
(c) fostering conditions relating to oil or petroleum
operations and other energy resources exploitation, conducive to a
balanced and sustainable growth of the economy.
WHEREAS, to enable the Philippine National Oil Company to attain these
objectives efficiently and expeditiously, it is necessary that it be
granted sufficient powers and incentives;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of
the Philippines, by virtue of the powers vested in me by the
Constitution, do hereby order and decree as follows:cralaw:red
Section 1. Section 7 is hereby amended to read as
follows: chanroblesvirtualawlibrary
"Sec. 7. Capital Stock. — The company shall have a
capital stock divided into ten million no-par shares to be subscribed,
paid for and voted as follows:cralaw:red
a) Two million shares of stock shall be originally
subscribed and paid for by the Republic of the Philippines at an
original issue value of P50 per share.
b) The remaining eight million shares of stock may be
subscribed and paid for by the Republic of the Philippines or by
government financial institutions at values to be determined by the
Board, but in no cases less than the original issued value above stated
to the Republic of the Philippines.
The voting power pertaining to shares of stock subscribed by the
government of the Republic of the Philippines shall be vested in by the
President of the Philippines or in such person or persons as he may
designate.
The voting power pertaining to shares of stock subscribed by the
government institutions shall be vested in them."
Section 2. Section 10 is hereby amended to read as
follows:cralaw:red
"Sec. 10. General Counsel. — The Secretary of Justice
or the Solicitor General shall perform the duties of General Counsel of
the Company. Any provision of law to the contrary notwithstanding, the
Secretary of Justice of the Solicitor General and such personnel as may
be necessary to assist him in the performance of his duties and
responsibilities shall receive such allowances as shall be fixed by the
Board."
Section 3. Effectivity. — This Decree shall take
effect immediately upon approval.
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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