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PRESIDENTIAL DECREE NO. 1680
PRESIDENTIAL DECREE NO. 1680 -
AMENDING PRESIDENTIAL DECREE NO. 492, AS AMENDED, ENTITLED "CREATING
THE METRO MANILA TRANSIT CORPORATION, APPROPRIATING THE FUNDS THEREFOR
AND OTHER PURPOSES"
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WHEREAS,
under Presidential Decree Numbered 492 dated 27 June 1974, as amended,
it has been declared to be the policy of the state to rationalize and
integrate public transportation services;chanroblesvirtualawlibrary
WHEREAS, to implement this state policy, the Metro Manila Transit
Corporation was created and further expanded;chanroblesvirtualawlibrary
WHEREAS, in view of the magnitude of its financial obligations, there
is a need to undertake a financial rehabilitation program for the Metro
Manila Transit Corporation which mandates additional government support;chanroblesvirtualawlibrary
WHEREAS, the authorized capital stock an subscription of the government
in the Metro Manila Transit Corporation of One Hundred Twenty Five
Million (P125,000,000.00) is still inadequate for these purposes.
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:cralaw:red
Section 1. Section 4 of Presidential Decree No. 492,
as amended, is hereby further amended to read as follows: chanroblesvirtualawlibrary
"Sec. 4. Authorized Capital Stock. — The authorized
capital stock of the Metro Manila Transit Corporation shall be five
hundred million pesos (P500,000,000.00) divided into three hundred
fifty million pesos (P350,000,000.00) of voting and no par value common
shares and one hundred fifty million pesos (P150,000,000.00) of
non-participating and non-voting preferred shares. The authorized
capital stock shall be seventy million voting and no par value shares
of common stock and thirty million of non-participating and non-voting
preferred shares of stock. Sixty nine million shares of common stock
are to be subscribed and paid for by the Government of the Republic of
the Philippines and the remaining one million shares of common stock
are to be sold to persons on entities operating public utility vehicles
in the Metropolitan Area; Provided, that the sum of eighty five million
pesos (P85,000,000.00) which has been already subscribed and fully paid
for by the government of the Republic of the Philippines as of January
31, 1980, shall be the initial paid-in capital of the authorized
capital of five hundred million pesos provided herein.
The remaining unpaid subscription in the amount of four hundred fifteen
million pesos shall be paid as follows:cralaw:red
a) The sum of sixty five million pesos
(P65,000,000.00) earmarked for immediate release in 1980, upon approval
of this decree shall be additional paid-in capital in the form of
common stocks to be held by the National Government;chanroblesvirtualawlibrary
b) The Sum of One Hundred Million Pesos
(P100,000,000.00) representing part of unpaid accounts of the Metro
Manila Transit Corporation to the Development Bank of the Philippines
are hereby converted into non-voting and non-participating preferred
shares of stock, to be held by the Development Bank of the Philippines
with guaranteed dividends of 12% per annum cumulative and redeemable in
equal yearly installments during a period of seven (7) years and fully
guaranteed by the National Government; chanroblesvirtualawlibrary
c) The sum of One Hundred Two Million Pesos
(P102,000,000.00) representing the remaining unpaid accounts of the
Metro Manila Transit Corporation to the Development Bank of the
Philippines plus whatever interest and other charges may accrue on the
Metro Manila Transit Corporation loan to the Development Bank of the
Philippines up to the time the above is effected, the actual amount to
be so computed, are hereby converted into shares of common stock to be
held by the Development Bank of the Philippines;chanroblesvirtualawlibrary
d) Whatever balance remaining of the authorized
capital of the Metro Manila Transit Corporation shall be paid from a
continuing annual appropriation, which is hereby appropriated out of
any funds in the National Treasury not otherwise appropriated. The
schedule of releases shall be approved by the President of the
Philippines." chanroblesvirtualawlibrary
Section 2. Section 5 of Presidential Decree No. 492,
as amended, is hereby further amended to read as follows:cralaw:red
"Sec. 5. Board of Directors. — The Corporation shall
be governed and its activities shall be directed, controlled and
managed by a Board of Directors, that shall be composed of eight (8)
ex-officio members, namely: the General Manager or Governor of the
Metropolitan Manila Commission, who shall act as Chairman, the Minister
of Transportation and Communications, who shall act as Vice Chairman;
the Minister of National Defense; the Minister of Industry; the
Minister of Finance; the Minister of Public Highways; and the Chairman
of the Development Bank of the Philippines.
The ex-officio members of the Board shall designate any official in
their office who shall serve as alternate members. They shall attend
the meeting of the Board whenever their principals are absent or the
said positions, are vacant and shall receive the same benefits and
privileges as their principals."
Section 3. This Decree shall take effect immediately.
Done in the City of Manila,
this 10th day of March in the year of Our Lord, nineteen hundred and
eighty.
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