WHEREAS,
veterans and retirees of the Armed Forces of the Philippines, upon
retirement or separation from active service, constitute a significant
number whose productive capacities are no longer fully utilized and
therefore, left idle; chanroblesvirtualawlibrary
WHEREAS, one of the primary concerns of the Government is to effect the
desired changes and reform in all sectors of our Society and the large
number of veterans and retirees of the Armed Forces of the Philippines
represents such significant sector;chanroblesvirtualawlibrary
WHEREAS, in order to promote the full and continued utilization of the
country's manpower and develop investment potentials, there is a need
for a special agency that shall direct and look after the productive
and investment possibilities coming from this sector;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution as
Commander-in-Chief of all the Armed Forces of the Philippines, pursuant
to Proclamation No. 1081, dated September 21, 1972, and General Order
No. 1, as amended, dated September 22, 1972, and in order to effect the
desired changes and reforms in the social and economic structure of our
Society, do hereby decree and order the creation and organization of a
body corporate and politic to be known as the PHILIPPINE VETERANS
INVESTMENT DEVELOPMENT COMPANY, hereinafter referred to as the
CORPORATION, in accordance with the following:cralaw:red
Section 1. The Corporation shall be governed and its
activities shall be directed, controlled and managed by a Board of
Directors which shall be composed of the Secretary of National Defense,
the Executive Secretary and five other persons that shall be designated
by the President from a list of qualified veterans and retirees.
The five persons so designated shall serve and act as Directors for a
term of two years from the date hereof, whereupon their successors
shall be elected to serve for a like term by veterans and retirees —
stockholders at a general meeting to be called for the purpose once
every two years. The Secretary of National Defense and the Executive
Secretary shall act as Chairman and Vice-Chairman, respectively, of the
Board of Directors.
Section 2. The Corporation shall have the following
purposes: chanroblesvirtualawlibrary
a. To formulate, execute or operate such policies,
programs, projects or other activities as would allow the full and
continued employment of the productive capabilities of and investment
of the veterans and retirees of the Armed Forces of the Philippines;chanroblesvirtualawlibrary
b. To direct, control, manage and operate all forms
of enterprises and investment ventures that shall be entered into by
such veterans and retirees or which will serve the preceding purpose.
Section 3. The Corporation shall be subject to the
provisions of the Corporation Law insofar as they are not inconsistent
with the provisions of this Decree, or with the purpose for which this
Corporation is formed, and shall have the general powers mentioned in
said law, and such other powers as may be necessary to enable it to
accomplish its purposes.
In particular, the Corporation, shall among others be vested with the
following powers:cralaw:red
a. To engage in commercial, industrial, mining,
agricultural and other enterprises, to invest, reinvest and trade in
securities that may be necessary for the accomplishment of the purposes
prescribed on Section 2, hereof.
b. In pursuance of its corporate purposes, to hold
public agricultural lands and mineral lands in excess of the areas
permitted to private corporations, associations, and persons by the
laws of the Philippines, for a period not exceeding twenty-five years,
renewable by the President for another twenty-five years; to acquire,
hold, mortgage, and alienate personal and real property in the
Philippines or elsewhere, to make such contracts and enter into such
arrangements of any kind and description as it may consider convenient
and advantageous to its interest; to purchase, hold, alienate,
mortgage, pledge or otherwise dispose of the shares of the capital
stock of, or any bond, security, or other corporation or association of
this or any other country; and while the owners of said stock, to
exercise all the rights of ownership, including the right to vote
thereon; and to execute any and all acts which a partnership or a
natural person is authorized to perform under the laws now existing or
which may hereafter be enacted.
Section 4. The corporation shall have succession for
a period of fifty years from and after the date of the approval of this
Decree. The principal Office of the Corporation shall be in the City of
Manila.
Section 5. The capital stock of the Corporation shall
be Three Million Pesos, divided into six hundred thousand shares,
having a par value of five pesos each, and no share of stock be
transferred to a person who is not a qualified veteran or retiree.
Twenty per centum of said capital stock shall be subscribed by the
Government of the Republic of the Philippines and the remainder thereof
shall be subscribed by qualified veterans and retirees or
organizations, bodies, associations created for veterans and retirees.
Twenty-five per centum of the value of all stock subscribed shall be
paid at the time of subscription, and the balance thereof shall be
subject to call upon a majority vote of the Board of Directors, with
the approval of the Chairman. chanroblesvirtualawlibrary
Subscriptions of the Government of the Republic of the Philippines
shall be made by the President, and the voting power of such shares of
stock shall be vested in him or in such person or persons as he may
designate.
* Section 7. The Board of Directors shall appoint and
fix the salaries of a manager and such other officials as may be
necessary for the internal administration of the Corporation.
Section 8. There are appropriated out of the General
Fund not otherwise appropriated, such sums as may be necessary to pay
for the shares of stock subscribed by the Government of the Republic of
the Philippines.
Section 9. This Decree shall take effect immediately,
provided that amendments, changes and modifications may be made by me
and the same shall take effect after the pronouncement thereon by me or
by my duly designated representative.
Done in the City of Manila,
this 12th day of July, in the year of Our Lord, nineteen hundred and
seventy-three.
* Copied verbatim from document obtained directly
from the Malacañang records (missing Section 6).
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