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PRESIDENTIAL DECREE NO. 1830
PRESIDENTIAL DECREE NO. 1830
- FURTHER AMENDING SectionS THREE AND FIFTEEN OF REPUBLIC ACT NO. 85,
AS AMENDED, OTHERWISE KNOWN AS THE DBP CHARTER
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WHEREAS,
the Development Bank of the Philippines is the Government agency
entrusted with the task of providing credit facilities for the
rehabilitation development and expansion of the country's agriculture
and industry and the broadening and diversification of the national
economy; and chanroblesvirtualawlibrary
WHEREAS, there is a need to amend the Charter of the DBP to increase
its authorized capital stock and expand the powers of its governing
board to make it more responsive to the demands of present
circumstances.
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 the following:cralaw:red
Section 1. Section three of Republic Act No. 85, as
amended, is hereby amended to read as follows:cralaw:red
"Sec. 3. Capital Stock. — The capital stock of the
Bank shall be TEN Billion Pesos divided into TEN Million shares having
a par value of One Thousand Pesos Each. The said capital stock shall be
fully subscribed by the government of the Republic of the Philippines
and payment of said subscription shall be as follows:cralaw:red
(a) At least fifty per centum (50%) of the surplus
account of the Bank as of June 30, 1980 and at least twenty per centum
(20%) of the net profits that may hereafter be realized as well as
profits that may be assigned as dividends to the shares of the
Government shall be automatically applied to the payment of the
subscribed capital stock of the Government until the said capital stock
shall have been fully paid for, in which case the said profits shall be
utilized for such purpose as may be authorized by the Board of
Governors.
(b) The provisions of Section Three of Republic Act
Numbered Seventeen Hundred Eighty-Nine to the contrary notwithstanding,
an amount equivalent to fifty per cent of the proceeds from the sale of
reparations goods and services for fifteen years following the approval
of this Act, is hereby appropriated to cover the payment of the unpaid
subscription of the government to the capital stock of the Bank;
Provided, That seventy-five million pesos of such amount shall be set
aside as a trust fund for the purpose ofding the establishment of
private provincial and city development banks as provided in this Act.
(c) The portion of the stabilization tax allocated
for deposit to a Special Account with the Development Bank of the
Philippines, pursuant to Section 4 (c) of Republic Act Numbered Six
Thousand One Hundred Twenty Five, as amended, otherwise known as the
Stabilization Tax Law, shall be automatically applied to the payment of
the Government's subscription to the capital stock of the Bank
effective as of the date of receipt thereof. chanroblesvirtualawlibrary
(d) The obligations of the Development Bank of the
Philippines as of April 30, 1973 represented by bonds issued by said
Bank and held by the Central Bank of the Philippines including interest
thereon rounded to the nearest thousand, and loans or advances made
under R. A. No. 265 and R. A. 2081, together with interest thereon,
rounded to the nearest thousand, shall be converted into paid-in
capital by the Government which shall assume said obligations; and for
this purpose, the President of the Philippines, upon recommendation of
the Minister of Finance, shall issue in favor of the Central Bank of
the Philippines treasury bonds, notes or securities, in such amounts as
may be necessary for the settlement of said obligations and under such
terms and conditions as shall be recommended by the Minister in
consultation with the Monetary Board.
(e) The taxes due on the income of the Bank under
Sec. 24 of the National Internal Revenue Code herein as provided for in
Sec. 28, shall, beginning with the taxes due on income for calendar
year 1978 be automatically applied to the payment of the subscribed
capital stock of the government in the Bank.
(f) Whatever remaining balance of the unpaid
subscription of the Government to the capital stock of the Bank on the
previous authorized capital of Five Billion Pesos as well as that which
corresponds to the increase of the Bank's authorized capital stock from
Five Billion Pesos to Ten Billion Pesos shall be paid out of any funds
in the National Treasury not otherwise appropriated be they collections
from any or all taxes accruing to the general fund of proceeds from
loans, the issuance of bonds, treasury bills or notes which are hereby
authorized to be incurred or issued for the purpose. The same shall be
paid to the Bank in the amount of Four Hundred Million Pesos for the
second semester of calendar year 1982 and Five Hundred Million yearly
thereafter until the said authorized capital is fully paid for."
Section 2. Section fifteen of Republic Act No. 85, as
amended, is hereby further amended to read as follows:cralaw:red
"Sec. 15. Duties and Powers of the Board. — The Board
of Governors shall have the following powers:cralaw:red
(a) To prescribe, amend and repeal, with the approval
of the President of the Philippines, by-laws, rules and regulations
governing the manner in which the general business of the Bank may be
conducted and the powers granted by law to the Bank may be exercised,
including a provision for the formation of such committee or committees
as the Board of Governors may deem necessary to facilitate its
business;chanroblesvirtualawlibrary
(b) To fix the rates of interest on loans in
accordance with the different classes of transactions and securities
provided in this Act;chanroblesvirtualawlibrary
(c) To establish such branches and agencies as may be
deemed necessary and convenient;chanroblesvirtualawlibrary
(d) To provide for the appointment and removal and to
fix reasonable compensation of such personnel as may be necessary for
the expeditious conduct of the business of the Bank; chanroblesvirtualawlibrary
(e) To compromise or release, in whole or in part,
any claim or settled liability to the Bank regardless of the amount
involved, under such terms and conditions it may impose to protect the
interests of the Bank. This authority to compromise shall extend to
claims against the Bank."
Section 3. Repealing Clause. — The provisions of
laws, decrees, orders, rules and regulations or parts thereof which are
inconsistent with the provisions of this Decree are hereby repealed or
modified accordingly.
Section 4. Effectivity. — This Decree shall take
effect immediately.
Done in the City of Manila,
this 16th day of January in the year of Our Lord, nineteen hundred and
eighty-one.
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