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collection of Philippine laws, statutes and codes
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Chan Robles Virtual Law Library
PRESIDENTIAL DECREE NO. 252
PRESIDENTIAL DECREE NO. 252
- AUTHORIZING THE CREATION OF A PHILIPPINE INTERNATIONAL TRADING
CORPORATION, APPROPRIATING FUNDS THEREFOR, AND FOR OTHER PURPOSES
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chanroblesvirtualawlibrary
WHEREAS,
sustained national economic growth calls for a secure position in the
growing world market for international trade; chanroblesvirtualawlibrary
WHEREAS, efforts at strengthening the external trade sector have been
weakened by the continued inability to provide an organized body that
can take advantage of economies of scale in bulk purchases, widescale
shipping, marketing, centralized financing assistance and other export
promotions services;chanroblesvirtualawlibrary
WHEREAS, existing trade assistance bodies in the private sector
continue to operate on a small scale for a limited number of export
products without regard to a larger rationalization of the national
export industry called for by the national development program;chanroblesvirtualawlibrary
WHEREAS, while previous attempts have been made to provide a central
body ind of international trading for local producers, these bodies
have not achieved their primary objectives by reason of their limited
operations or other basic defects or weaknesses in their conception or
organization;chanroblesvirtualawlibrary
WHEREAS, while developed economies have long relied on large trading
houses, our economy has yet to adopt and benefit from such a trade
assistance scheme; (As amended by P.D. No. 349.) chanroblesvirtualawlibrary
WHEREAS, developing economies, especially within the neighboring
Southeast Asian region, that have established government trade
Companies have acquired a significant advantage over Philippine trade
in the world market;chanroblesvirtualawlibrary
WHEREAS, in view of the latest trends in the international market, it
is imperative that the Philippines be sufficiently supported by such
institutions and/or agencies that can endow her with the needed
Competitive Capacity;chanroblesvirtualawlibrary
WHEREAS, such an institution is a government- controlled international
trading corporation that shall derive support and patronage from
industry groups, warehouse/port facility owners, insurance companies,
investment banks, commercial banks and individual exporters and
importers;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, in
recognition of the foregoing premises, do hereby order and decree into
law the following:cralaw:red
ARTICLE I.
Title of this Decree
This Decree shall be known as the Philippine International Trading
Corporation Law.
ARTICLE II.
Creation of a Philippine International Trading Corporation
There is hereby created a body corporate and politic to be known as the
Philippine International Trading Corporation, hereinafter referred to
as the Corporation, which shall have its principal place of business in
the City of Manila and shall exist for a period of fifty
years. chanroblesvirtualawlibrary
The initial authorized capital stock of the Corporation shall be twenty
million (P20,000,000.00) pesos and shall be subscribed and paid up as
follows:cralaw:red
(a) 60 per centum thereof or twelve million
(P12,000,000.00) pesos shall be subscribed by the Republic of the
Philippines and shall be paid for as follows:cralaw:red
(1) The amount of six million (P6,000,000.00) pesos
shall be paid by the Republic of the Philippines. The Sum of six
million (P6,000,000.00) pesos is hereby set aside and appropriated for
the purpose from the proceeds of the General Fund not otherwise
appropriated.
(2) The amount of six million (P6,000,000.00) pesos
shall be paid in three equal parts by the following government
financial institutions:cralaw:red
Central Bank of the Philippines — two million (P2,000,000.) pesos.
Philippine National Bank — two million (P2,000,000.00) pesos.
(b) 40 per centum thereof, or eight million
(P8,000,000.00) pesos shall be offered for subscription and payment to
the public, subject to the following conditions:cralaw:red
1. That the shares of stock shall be sold at not less
than the uniform par value of one hundred (P100.00) pesos.
2. That such disposition of shares of stock shall
result in the equal distribution thereof, among individuals or
organized traders representing specific industries or products, without
anyone stockholder owning more than 5 per centum of the 40 per centum
of the authorized capital stock.
Each share of stock shall represent one vote and any agreement,
contract, arrangement, scheme or plan that shall transfer voting rights
to any person other than the stockholder is prohibited.
The voting power of all the stock of the Corporation owned and
controlled by the Republic of the Philippines shall be vested in the
President of the Philippines, or in such person or persons as he may
from time to time designate.
ARTICLE III.
Purposes and Powers of the Corporation
The Corporation is hereby vested with the following purposes and
powers:cralaw:red
Section 1. To Provide a formal institutional
framework for the promotion of foreign trade and the development of
domestic industries by carrying on the following interrelated functions
and activities:cralaw:red
(a) engaging in and handling for Philippine and third
country enterprises, through methodologies, systems, devices, and
facilities intended to achieve economies of scale and better terms of
trade for Philippine businesses, both foreign procurement as well as
foreign marketing and distribution; chanroblesvirtualawlibrary
(b) arranging for or establishing comprehensive
facilities for handling all phases of warehousing, and developing and
operating physical facilities for the collection, processing and
distribution of cargoes and other commodities;chanroblesvirtualawlibrary
(c) obtaining or arranging more comprehensive
protection for activities undertaken or commodities dealt with by the
Corporation by monitoring or coordinating risk insurance services from
existing institutions or supplementing the same;chanroblesvirtualawlibrary
(d) employing, utilizing, monitoring trade promotions
services, facilities and activities that are available or are being
undertaken by other government or private agencies;chanroblesvirtualawlibrary
(e) promoting, organizing and reorganizing, whenever
warranted, production enterprises and industrial establishments, and
collaborating and associating in joint ventures with any person,
association, company or entity, whether domestic or foreign, in the
fields of production, marketing, procurement and such other related
businesses; and
( f ) providing technical, advisory,
investigatory, consultancy and management services with respect to any
and all of the foregoing functions, activities and operations of the
Corporation.
Section 2. To engage in and carry on the business of
dealership, brokerage, manufacture and distribution of commodities,
products, goods, wares, merchandise, machineries and equipment and in
connection therewith, to purchase, borrow, acquire, hold, exchange,
sell, distribute, lend, mortgage, pledge or otherwise dispose of,
import or export, process, or turn to account in any lawful manner,
commodities, products, goods, wares, merchandise, and other articles or
commerce and interest therein or instruments evidencing rights to
acquire such interests and to guarantee any and all obligations
relating to transactions made on any board of trade, commodities
exchange, or similar institutions, and to do any and all things which
may be useful in connection with or incidental to the conduct of such
business.
Section 3. To build, make, construct, maintain,
purchase, sell, charter, deal in and with, own, lease, pledge and
otherwise dispose of all modes of transportation, together with all
components, tools, machinery and appliances appurtenant thereto, as are
utilized in the transport of goods and merchandise byr, land or sea.
Section 4. To carry on the business of public and
private warehousing and all the business necessarily or impliedly
incidental thereto, and to further carry on the business of general
warehousing in all its several aspects; to construct, hire, purchase,
operate and maintain any means or conveyances for the transportation to
and from storages, byr, land, or water, of any and all products, goods,
wares, merchandise or manufactured articles; to issue certificates,
warrants and receipts, negotiable or otherwise, to persons warehousing
goods with the Corporation, and to make, negotiate or secure advances
or loans upon the security of such stored merchandise and products or
otherwise; to construct, purchase, take on lease, develop, operate or
otherwise acquire any wharf, pier, dock, warehouse, storage room or
other facilities, rights, franchises premises deemed capable of being
advantageously used in connection with the business of the Corporation,
and to rent, lease, hypothecate and convey the same, and generally to
carry on and undertake any and all business undertaking, transaction or
operation commonly carried on or undertaken by warehousemen.
Section 5. To act as shipping agent and ship broker,
to handle ship husbanding and ship chandlering, and to engage in any
aspect of the business of longshoring, lighterage, stevedoring, freight
forwarding, packing and carting, and conveying. chanroblesvirtualawlibrary
Section 6. To borrow, raise, or obtain funds to
support or carry out its objects and purposes and/or to arrange
financing or equipment credit or any kind of financial or material
assistance for its own account or its clients from private or
governmental sources or from international public or private lending
institutions and to secure any or all of the same, to the extent that
may be required, by any lawful guarantee or counter guarantee, by
pledge, mortgage, or deed of trust, or by creating or suffering to
exist a charge, lien, or encumbrance, general or special, upon its
revenues and/or assets, and likewise by similar guarantees, pledges,
mortgages, liens and other security arrangements to secure the
performance by the Corporation of any obligation or liability it may
undertake for itself or for other companies or enterprises in which it
may be interested.
Section 7. To provide financial accommodations to its
clients, and maintain with or for customers accounts with respect to
commodities and/or securities including margin accounts and to do such
things as may be requisite or appropriate or incidental to the
maintenance of such accounts.
Section 8. To act as agents or brokers in the
business of marine, fire, life, accident and fidelity insurance, in the
business of giving protection to principals and employers and any other
kind or class of insurance in all its branches.
Section 9. To establish, maintain, operate or conduct
branch businesses or offices for the transaction of business for itself
and on behalf of other persons, firms, corporations, or other entities,
either domestic or foreign, and to act as manufacturers' agents,
commission merchants, merchandise brokers, insurance, shipping and
transport agents, or in any other representative capacity for persons,
firms, corporations or other entities, either domestic or foreign, for
the investment, loan payment, transmission or collection of money,
commodities or securities and for the purchase, sale, improvement,
development, and management of property including business concerns and
undertakings and generally to transact and undertake an agency
business, whether in respect of any commercial or financial
matters. chanroblesvirtualawlibrary
Section 10. To undertake or contract for researches,
studies and surveys on such matters as business and economic conditions
of various countries, including the structure of their commodities and
financial markets, the institutional arrangements for mobilizing
investments thereat, the legal and tax constraints and incentives
obtaining therein; to promote products overseas through holding of
trade fairs, exhibits and the like, coordinating with the Department of
Trade in undertaking such activities.
Section 11. To acquire an interest in or enter into
partnership, amalgamate with or enter into other arrangements for
sharing profits, mutual assistance or cooperation with any person or
company carrying on or about or carry or engage in any business
transaction, operation or work capable of being conducted so as to
purchase, take or otherwise acquire and hold shares of stock or other
securities of or interest in any such company and to sell, hold and
re-issue with or without guarantee or otherwise deal with the same.
Section 12. Subject to the limitations established by
law, to acquire by purchase, subscription, exchange, assignment, gift,
or otherwise, and to sell, assign, transfer, exchange, mortgage,
pledge, and deal in and with, and otherwise, to enjoy and dispose of,
and bonds, debentures, promissory notes, shares of capital stock and/or
other securities and/or obligations, created, negotiated or issued by
any corporation, association, or other entity, foreign or domestic, and
while the owner thereof, to exercise all the rights, power and
privileges of ownership, including the right to receive, collect and
dispose of, any and all dividends, interest and income, derived
therefrom, and the right to vote on any shares of the capital stock,
and upon any bonds, debentures and/or other securities, having voting
power so owned.
Section 13. To cause or allow the legal title to or
any legal or equitable interest in any business or any other real or
personal property acquired or carried on by the Corporation to remain
or be vested or registered in the name of any other person or entity
whether upon trust for or as agent or nominee of the Corporation or
upon such other terms and conditions which may be determined to be
necessary or expedient by the Board of Directors of the
Corporation. chanroblesvirtualawlibrary
Section 14. To acquire any purchase or lease, or
otherwise, lands and interest in lands and to own, hold, improve,
develop and manage any real estate so acquired and to erect or cause to
be erected on any lands owned, held or occupied by the Corporation,
buildings or other structures with their appurtenances, and to rebuild,
enlarge, alter or improve any buildings or other structures now or
hereafter erected on any lands so owned, held or occupied.
Section 15. To purchase, own, hold, or otherwise
acquire such machineries, equipment, tools, materials, supplies, or
other parts as may be necessary, convenient or appropriate for any of
the purposes for which the Corporation is formed.
Section 16. To invest and deal with the funds of the
Corporation in such manner as may be deemed proper, in order not to
make such funds idle and unproductive pending their full utilization
for the principal objects and purposes for which the Corporation has
been organized.
Section 17. To apply for, register, purchase or
otherwise acquire, or obtain a lien, or interest in, any patent, patent
rights, licenses, designs, processes, trademarks, trade names,
distinctive marks, inventions and improvements thereof, and concessions
which may appear likely to be advantageous or useful to the Corporation
or its clients; to use, exercise or otherwise turn to account said
property rights, and to enter into any patent licensing, technical
assistance, or other know how and data or process feedback agreements,
including the use of computers, as the same may be related to or
necessary or appropriate to carry on the objects and purposes of
the corporation. chanroblesvirtualawlibrary
Section 18. To pay for any property or rights
acquired or services obtained by the Corporation either in cash,
shares, or other securities of the Corporation, or partly in cash and
partly in shares or other securities, under such terms and conditions
as its Board of Directors shall determine to be reasonable. To enter
into any agreement or contract or contract with any government or any
of the agencies and instrumentalities thereof, or with any person or
company on any undertaking that may be conducive to the attainment of
objectives of the Corporation or of any them, and to obtain from any
such government or authority, person or company any rights, privileges,
and concessions, which the Corporation may think desirable to obtain
and carry out.
Section 19. To do all such other things as are
incidental or appurtenant to or growing out of or connected with the
aforesaid business or powers of the Corporation or any part thereof or
conducive to the attainment of its corporate purposes and objects.
ARTICLE IV.
Board of Directors
Section 1. The powers and functions of the
Corporation shall be exercised by a Board of Directors which shall be
composed of thirteen (13) members, as follows:cralaw:red
a. The Secretary of the Department of Trade, who
shall preside at the meetings of the Board. Whenever the Secretary of
the Department of Trade is unable to attend a meeting of the Board, the
Undersecretary of Trade shall act as his alternate, but shall not
preside.
b. The President of the Corporation, who shall
preside at the meetings of the Board in the absence of the Secretary of
Trade. The President shall be appointed for a term of two (2) years,
renewable indefinitely, by the President of the Philippines subject to
the provisions of Article XIV of this decree. Whenever the President is
unable to attend a meeting of the Board, the Vice President shall act
in his stead. chanroblesvirtualawlibrary
c. The Executive Secretary.
d. The Director-General of the National Economic and
Development Authority.
e. The Secretary of Agriculture and Natural
Resources.
f. The President of the Philippine National Bank.
g. The Chairman of the Board Governors of the
Development Bank of the Philippines.
h. Six (6) other members, to be appointed for terms
of five (5) years by the President: Provided, however, That the first
members appointed under the provisions of this subsection shall have
terms of office of one, two and three years for every two members.
In making the appointments to the Board, the President of the
Philippines shall give due regard to affording fair representation of
the private financial, agricultural, industrial and commercial
interests, in the composition of said Board.
Section 2. Vacancies. — Any vacancy in the Board by
the death, resignation, or removal of an appointive member shall be
filled by the appointment of a new member to complete the unexpired
period of the term of the member concerned.
Section 3. Qualifications. — No person shall be
appointed as President, Vice-President of the Corporation or as member
of the Board unless he is a Filipino citizen, of good moral character
and unquestionable integrity and responsibility and who is reputed to
have considerable experience in foreign trading operations. chanroblesvirtualawlibrary
Section 4. Removal. — The President may remove any
members of the Board for any of the following reasons:cralaw:red
a. If the member is guilty of acts or operations
which are of fraudulent or illegal character or which are manifestly
opposed to thems and interests of the Corporation, or
b. If the member no longer possesses the
qualifications specified in Section 3 hereof.
Section 5. Remuneration. — The members of the Board
or their respective substitutes, except the President of the
Corporation, shall receive per diems for every Board meeting attended.
The amount of said per diem shall not exceed the sum of seven hundred
(P700.00) pesos for any single month.
Section 6. Responsibility. — Any member of the Board
or officer or employee of the Corporation who wilfully violates this
Act or corporate by-laws or who is guilty of gross negligence in the
performance of his duties shall be held liable for any loss or injury
suffered by the Corporation as a result of such violation of
negligence. Similar responsibility shall apply to the disclosure of any
information of a confidential nature about the discussions or
resolutions of the Board or about the operations of the Corporation,
and to the use of such information for personal gain or to the
detriment of the government, the Corporation or third
parties. chanroblesvirtualawlibrary
Section 7. Powers and Functions of the Board. —chanroblesvirtualawlibrary
a. To adopt corporate by-laws in supplement to this
Decree.
b. To determine specific commodities, industries or
any particular sector of the export and import trade that shall utilize
the services of the Corporation to the exclusion of any other entity or
similar trading houses.
In determining such specific commodities, industries or particular
sector, the Board shall be guided by the expressed objectives of this
Decree (and by Sec. 5 of Article III).
In all cases, such a determination shall be subject to the approval of
the Board of the National Economic and Development Authority.
c. To establish the policies for determining fees and
charges for the services rendered by the Corporation;chanroblesvirtualawlibrary
d. To approve appointments of the President to senior
management level positions in the Corporation;chanroblesvirtualawlibrary
e. To create such other Departments in the
Corporation than those provided in this Decree, whenever such
Departments are required by the expanding operations of the
Corporation;chanroblesvirtualawlibrary
f. To fix the remunerations or salaries of all
officials and employees of the Corporation except that of the
President;chanroblesvirtualawlibrary
g. To determine and approve the most effective
organizational framework, staffing pattern and salary schedule as may
be proposed by the President to the Board; and establish rules and
regulations regarding the delegation of administrative
responsibilities, and directions for organizational growth;chanroblesvirtualawlibrary
h. To do all such acts or acts as may be necessary
for the achievement of the expressed purposes of the
Corporation. chanroblesvirtualawlibrary
ARTICLE V.
The President and Vice-President
Section 1. Powers and Duties of the President. — The
President shall be the chief executive of the Corporation. His powers
and duties shall be:cralaw:red
a. To prepare the agenda for the meeting of the Board
and to submit for the consideration of the Board the policies and
measures which he believes to be necessary to carry out the purposes
and provisions of this Decree;chanroblesvirtualawlibrary
b. To execute and administer the policies and
measures approved by the Board;chanroblesvirtualawlibrary
c. To direct and supervise the operations and
internal administration of the Corporation. The President may delegate
certain of his administrative responsibilities to other officers of the
Corporation subject to the rules and regulations of the Board; and
d. To exercise such other powers as may be vested in
him by the Board.
Section 2. Representation of the Board and the
Corporation. — The President of the Corporation shall be the principal
representative of the Board and of the Corporation and in his capacity
and in accordance with the instructions of the Board, he shall be
empowered:cralaw:red
a. To represent the Board and the Corporation in all
dealings with other offices, agencies and instrumentalities of the
Government and with all other persons or entities, public or private
whether domestic, foreign or international; chanroblesvirtualawlibrary
b. To authorize, with his signature, contracts
concluded by the Corporation, notes and securities issued by the
Corporation and the annual reports, balance sheets, profit and loss
statements, correspondence and other documents of the Corporation;chanroblesvirtualawlibrary
c. To represent the Corporation, either personally or
through counsel, in any legal proceedings or action; and
d. To delegate his power to represent the Corporation
as provided in subsections (a), (b) and (c) of this section, to other
offices of the Corporation upon his own responsibility.
Section 3. Authority of the President in Emergencies.
— In the event of war other emergencies which require immediate action
and in which there is insufficient time to call a meeting of the Board,
the President of the Corporation, with the concurrence of the Governor
of the Central Bank, or in his absence, with the concurrence of any two
other members of the Board, may decide any matter or take any action
within the authority of the Board itself and may suspend any resolution
or decision of the Board.
In such cases, the President shall call a meeting of the Board as soon
as possible in order to explain his action and the reasons for
departing from normal procedure. The Board may then confirm, revoke or
modify such action as the circumstances warrant.
Section 4. Remuneration of the President. — The
salary of the President and Vice-President of the Corporation shall be
fixed by Board with the approval of the President of the Philippines,
but in no case shall it exceed seventy thousand pesos per annum and
sixty thousand pesos per annum, respectively, until such a time as
another law revised these upper limits.
Section 5. In the absence of the President of the
Corporation, the Vice President shall act as chief executive of the
Corporation shall exercise the powers and perform the duties of the
President.
Section 6. Outside Interests of the President and
Vice President. — The President and Vice President of the Corporation
shall be required to limit their professional activities to those
pertaining directly to their positions with the Corporation.
Accordingly, both officials may not accept any other employment,
whether public or private, or any remuneration therefor.
ARTICLE VI.
Departments of the Corporation
Section 1. Department of Trade Services. — The
Corporation shall establish and maintain a Department of Trade Services
which shall be responsible for providing centralized procurement and
marketing services with the objective of consolidating or pooling
imports and exports and thereby achieving improved term of trade
through economies of scale and greater bargaining power.
Section 2. Department of Shipping, Collection,
Distribution and Storage Services. — The Corporation shall establish
and maintain a Department of Shipping, Collection, Distribution and
Storage Services that shall be responsible for pooling incoming and
outgoing cargoes into economic lot sizes with the objective of securing
lower freight rates through volume shipping, lower costs through
improved collection and distribution networks and programming.
The Department shall likewise provide for efficient collection, storage
and distribution system by acting as customs broker, forwarding agent,
or by hiring, leasing, developing and operating the necessary physical
facilities for loading and unloading, warehouses, and
others. chanroblesvirtualawlibrary
Section 3. Department of Promotions and Marketing
Services. — The Corporation shall establish and maintain a Department
of Promotions and Marketing Services that shall supplement, assist or
coordinate with other existing government departments, bodies, agencies
or offices towards the development of new markets and the strengthening
of competitiveness in traditional markets for existing exports, seeking
new markets for new exports, and developing new products to meet
expected market demands.
Section 4. The Department of Trade Financing Service.
— The Corporation shall establish and maintain a Department of Trade
Financing Service that shall provide or arrange for financing
assistance to producers, exporters, importers and suppliers. Services
may include direct capital investments working capital or inventory
financing or the monitoring and soliciting of financial services from
existing private and public institutions.
Section 5. Other Departments. — The Board of
Directors shall, when the expanding capabilities of the Corporation so
warrant, establish such other Departments as would enable the
Corporation to achieve its declared objectives.
ARTICLE VII.
The Auditor
The Chairman of the Commission on Audit shall appoint a representative
who shall be the auditor of the Corporation. He shall likewise appoint
the necessary personnel to assist said representative in the
performance of his duties. The salaries of the auditor and his staff
shall be fixed by the Chairman of the Commission on Audit with the
advice of the Board of Directors and said salaries, and other expenses
for the auditor's office shall be paid by the Corporation. The auditor
of the Corporation, and personnel under him may be removed only by the
Chairman of the Commission on Audit. chanroblesvirtualawlibrary
The auditor must be a certified public accountant with at least ten
years experience as certified public accountant. No relative of any
member of the Board of Directors or the Chairman of the Commission on
Audit within the fourth degree of consanguinity and affinity shall be
appointed as such representative.
ARTICLE VIII.
Annual Report
Before the end of February of each year, the Corporation shall submit
to the President of the Philippines and shall publish an annual report
on the condition of the Bank and a review of the policies and measures
adopted by the Board during the past year and an analysis of the
economic and financial circumstances which gave rise to said policies
and measures.
The annual report shall also include a statement of the financial
conditions of the Corporation.
ARTICLE IX.
Corporate Profits and Losses
Section 1. Profits. — At the close of each calendar
year, the Corporation shall determine the net result of its operations,
in the calculation of which, adequate allowances shall be made for
probable losses. The net profit arrived thereat shall be accumulated in
the surplus account which shall be utilized in pursuance of corporate
objectives as may be authorized by the Board of Directors: Provided,
however, That the accumulated surplus shall not exceed the authorized
capital stock.
Section 2. Should the Corporation gain net losses
during any calendar year, such losses shall be debited to surplus, and
if surplus be inadequate, the balance shall be debited to the capital
of the Corporation. chanroblesvirtualawlibrary
ARTICLE X.
Disposition of Profits Assigned to Shares
Sixty (60) percent of the profits assigned to the shares of the
Republic of the Philippines shall be expended for the expressed
objectives of the Corporation.
Forty (40) percent thereof shall be paid into the Treasury of the
Philippines for the general funds thereof.
ARTICLE XI.
Applicability of the Civil Service Law and Wage and Position
Classification Law
The provisions of the Civil Service Law and the Wage and Position
Classification Law shall not apply to the appointment and compensation
any officer of employee of the corporation.
Officers and employees in the Corporation, including all members of the
Board of Directors shall not engage directly or indirectly in partisan
activities or take part in any election except to vote.
ARTICLE XII.
Penalties
Any director, officer, employee or agent of the Corporation, who
violates or permits the violation of any of the provisions of this
Decree, or any person who violates ords in or abets the violation of
any of the provisions of this Decree shall be punished by a fine not to
exceed ten thousand pesos or by imprisonment of not more than five
years or both such fine and imprisonment.
ARTICLE XIII.
Repealing Clause
All acts, decree, rules, regulations and other official issuances or
parts thereof, inconsistent or incompatible both the provisions of this
Decree are hereby repealed.
ARTICLE XIV.
Transitory Provisions
Owing to practical exigencies of organizing a corporation of this
magnitude and because of the sensitivity of the initial operating
years, the first President of the Corporation shall enjoy a tenure of
3-year, which is renewable subsequently for tenure of only 2-year as
provided for in Section 7, Article IV of this Decree.
ARTICLE XV.
Effectivity and Implementation
This Decree shall take effect upon its approval. The Secretary of the
Department of Trade in his capacity as presiding officer of the Board
of Directors shall call for an organizational meeting of the Board
within fifteen (15) days from the time all the appointive members
thereof are appointed by the President of the Philippines.
Done in the City of Manila,
this 21st day of July, in the year of Our Lord, nineteen hundred and
seventy-three.
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