WHEREAS,
Presidential Decree No. 243 dated July 13, 1973 created the Philippine
Veterans Investment Development Company to direct and look after the
productive and investment possibilities coming from the large number of
veterans and retirees of the Armed Forces of the
Philippines; chanroblesvirtualawlibrary
WHEREAS, in order that the purposes and objectives of the said
Philippine Veterans Investment Development Company can be effectively
and satisfactorily attained, it is necessary to amend Presidential
Decree No. 243 to enlarge the purposes and powers of the corporation,
and delineate in detail its operation and structural organization;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 the Armed Forces of the Philippines, and pursuant
to Proclamation No. 1081, dated September 21, 1972, and General Order
No. 1, dated September 22, 1972, as amended, do hereby amend
Presidential Decree No. 243 as follows:cralaw:red
Section 1. The name of the corporation referred to in
the title of Presidential Decree No. 243 and its enacting clause is
hereby amended to read as follows: "Philippine Veterans Investment
Development Corporation."
Section 2. Section 1 of the same Decree is hereby
amended to read as follows: chanroblesvirtualawlibrary
"Sec. 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
and the Executive Secretary as Ex-Officio Directors and five other
persons as Regular Directors to be appointed by the President of the
Philippines from a list of qualified veterans and retirees in good
standing submitted by the Secretary of National Defense. The Secretary
of National Defense and the Executive Secretary shall act as Chairman
and Vice Chairman, respectively, of the Board of Directors, the members
of the Board of Directors, except the ex-officio directors, shall
receive a per diem allowance of P100.00 for every meeting of the board
actually attended by them.
The term of office of each of the five regular directors shall be three
years with a right to hold over until a successor shall have been duly
appointed and qualified. Whenever a vacancy shall occur among the
regular directors, the person appointed to fill the vacancy shall hold
office for the unexpired term of the member whose place he is selected
to fill. The President of the Philippines may remove any regular
director for cause.
The Board of Directors 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 corporation
may be conducted and the powers granted by law to the corporation may
be exercised, including a provision for the formation of such committee
or committees as the Board of Directors may deem necessary to
facilitate its business;chanroblesvirtualawlibrary
b) To establish such subsidiaries, branches and
agencies as may be deemed necessary and convenient;chanroblesvirtualawlibrary
c) To provide for the appointment and removal and to
fix the reasonable compensation of such personnel, including financial,
legal, investment and other technical consultants, as may be necessary
for the expeditious conduct of the business of the corporation. The
officers and employees of the corporation shall not be subject to the
Civil Service Law and the rules and regulations of the Wage and
Position Classification Office and section two hundred fifty-nine of
the Revised Administrative Code.
No member of the Board of Directors, shall in any manner, directly or
indirectly, participate in the deliberation upon or the determination
of any question affecting his personal interests, or the interests of
any corporation, partnership or association in which he is directly or
indirectly interested. Any director violating the provision of this
section shall be summarily removed by the President of the Philippines
from office and shall upon conviction be punished with a fine not to
exceed ten thousand pesos and with imprisonment not to exceed five
years. chanroblesvirtualawlibrary
Section 3. Section 2 of the same Decree is hereby
amended to read as follows:cralaw:red
"Sec. 2. The purposes and powers of the Corporation
are:cralaw:red
a. To engage in any commercial, industrial, mining,
agricultural and other enterprises which may be necessary or
contributory to the economic development of the country, or important
in the public interest, or which will promote the well-being of the
veterans and retirees of the Armed Forces of the Philippines;chanroblesvirtualawlibrary
b. To invest in, purchase or otherwise acquire, own,
hold, use, operate, sell, assign, transfer, exchange, mortgage, pledge,
lease, develop and otherwise deal in real estate and natural resource
projects or any interest therein, and personal property of every kind
and description, including shares of stock, bonds, debentures, notes,
evidences of indebtedness, and other securities or obligations of any
other corporation or corporations, association or associations,
domestic or foreign, and for this purpose, it may acquire, lease or
hold private lands and public lands of any classification
notwithstanding the prohibitions in, or in excess of the areas
permitted by the laws;chanroblesvirtualawlibrary
c. To provide a medium (1) for assisting Government
and private initiative in encouraging and/or promoting the
establishment, operation, expansion or reorganization of productive
enterprises; (2) for facilitating the formation of capital and the free
flow of commercial papers, securities, government bonds, and other
evidence of indebtedness in the capital and money markets and acting
for this purpose as underwriter, dealer and agent of commercial papers,
securities, government bonds and other evidence of indebtedness issued
by Government institutions, agencies, subdivisions or
instrumentalities, commercial, industrial or agricultural
organizations, and other forms of business ventures or organizations;
(3) for rendering or promoting the rendering of sound financial,
economic and other technical advice to new enterprises or assisting
governmental or private entities; and (4) for mobilizing the requisite
manpower pool and the information gathering, retrieval and distribution
system that will adequately and efficiently service the demands of
Government, investors and business clients. chanroblesvirtualawlibrary
d. To act as general or operating managers,
representatives, or agents of industrial, manufacturing and mercantile
concerns of whatever kind of nature, and to engage in the promotion,
assistance, encouragement, development, and expansion of any lawful
business, industry or trade by means of, among others, scientific
advancement of methods, systems or techniques of operations,
management, financing, investment, labor, conducting research studies,
tests, experiments for the processes of commercial and industrial
products and formulating and implementing plans for the marketing
thereof;chanroblesvirtualawlibrary
e. To enter into any lawful arrangement for sharing
profits, joint venture, union, interests, reciprocal concession or
cooperation with any person, or corporation, association, partnership,
syndicate or entity located in or organized under the laws of any
authority in any part of the world in the carrying on of any business
which the corporation is authorized to carry on, or any business or
transaction deemed necessary, convenient or incidental to the carrying
on for the purpose of the corporation;chanroblesvirtualawlibrary
f. To obtain funds to support or carry out its
objects and purposes and/or to arrange financing or equipment credit,
or any kind of assistance for its own account or for the account of its
clients in such a manner as the Board of Directors of the corporation
may deem reasonable from governmental or private sources in the
Philippines or elsewhere or from international public or private
lending institutions, and to secure any or all of the same by any
guarantee or counter-guarantee, by pledge, mortgage, deed of trust, or
assignment of the property of the corporation, or by creating or
suffering to exist a charge, lien, or encumbrance, general or special,
upon its assets, for the purpose of securing 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.
g. To purchase, hold, accept, or otherwise acquire by
merger, consolidation or other methods of combination, the whole or any
part of the property, assets, business, goodwill, rights, privileges
and franchises of all kinds and to undertake or assume the whole or any
part of the liabilities and obligations of any person, firm,
association or corporation, and to pay for the same or any part or
combination thereof in cash, stocks, bonds, debentures, notes or other
securities of this corporation or otherwise, or by undertaking or
assuming the whole or any part of the liabilities or obligations of the
transfer, and to hold or in any manner dispose of the whole or any part
of the property and assets so acquired, accepted or purchased, and to
conduct in any lawful manner the whole or any part of the business so
acquired and to exercise all the powers necessary or convenient in and
about the conduct, management and carrying on of such business.
h. To apply for, register, purchase or otherwise
acquire, use, protect and renew any patents, patent rights, licenses,
concessions, trademarks, trade names, inventions, formulas and
processes used or capable of being used in connection with any of the
business of the corporation of the acquisition which may directly or
indirectly benefit the corporation, and to use, exercise, develop,
sell, assign, or otherwise dispose of, or grant licenses in respect of,
the property, rights, trademarks or other information so acquired, and
to spend money in experimenting upon, and testing and improving, any
patents, inventions or rights which the corporation may acquire or
propose to acquire. chanroblesvirtualawlibrary
i. The corporation shall have the power to make,
perform and carry out contracts of every sort and kind, and
particularly, but not by way of limitation, to make and perform
contracts creating any of the property, real or personal, owned by the
corporation; to organize, manage and operate subsidiary or affiliate
companies; to establish and/or maintain one or more offices or branches
in other parts of the Philippines or abroad, and to conduct its
business and exercise its powers in any part of the Philippines or in
any other country, state or territory; and in carrying on its business,
to do any and all acts and things and to exercise all powers which may
be necessary or convenient to the accomplishment or furtherance of its
business or which a natural person could do and exercise and which may
now or hereafter may be authorized by law.
Section 4. Section 3 of the same Decree is hereby
amended by the deletion of the second paragraph thereof relative to the
particular powers of the Corporation.
Section 5. Section 4 of the same Decree is hereby
amended to read as follows:cralaw:red
"Sec. 4. The Corporation shall have perpetual
existence. The principal office of the Corporation shall be in the City
of Manila or such other places as may be fixed by the Board of
Directors of the Corporation."
Section 6. Section 5 of the same Decree is hereby
amended to read as follows:cralaw:red
"Sec. 5. The total number of shares which the
Corporation shall have the authority to issue is twenty million shares
all of which shall be without par value. Authority is hereby conferred
upon the Board of Directors of the Corporation to issue shares for such
consideration, payable in cash or property, as said Board may from time
to time fix, but in no event than five pesos (P5.00) per
share. chanroblesvirtualawlibrary
Sixty per centum of the said capital stock, or twelve million shares
with an assigned value of five pesos (P5.00) each, shall be subscribed
by the Government of the Republic of the Philippines. Three million of
the said subscribed shares amounting to fifteen million pesos shall be
immediately paid for by the Government from the accumulated earnings of
the Veterans Claims Settlement Fund.
Subscription 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 as he may designate.
Fifty percent of the cash dividends pertaining 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 and the balance shall be turned over to
the Philippine Veterans Assistance Commission for use in veterans
assistance projects. Upon full payment of the subscription of the
Government, all the cash dividends payable on the shares of the
Government shall be turned over to the Philippine Veterans Assistance
Commission for the same purpose.
The Corporation shall be exempt from the payment of any and all taxes,
duties, charges, fees and assessments of whatever nature and
description imposed by any authority, whether national or local."
Section 7. The same Decree is hereby amended by
deleting the provision under Section 6 and subsisting in lieu thereof
the following provision:cralaw:red
"Sec. 6. The Corporation shall have its own auditor
and shall not be subject to the supervision or control of the
Commission on Audit. The Auditor shall be appointed by the Board of
Directors preferably from among veterans and ex-servicemen of said of
good standing who are certified accountant and with actual experience
in the work of a comptroller. The auditor may not be removed except of
cause."
Section 8. The same Decree is hereby amended by
deleting the provision under Section 7 and substituting in lieu thereof
the following provisions:cralaw:red
"Sec. 7. All veterans funds now being administered by
the Philippine Veterans Bank and the Reparations Commission (R.A. 1789)
or those that may hereafter be administered by other agencies and which
are not encumbered or earmarked for individual veteran or organization
shall be placed under the administration, management and control of
the Corporation."
Section 9. Section 8 of the same Decree is hereby
amended to read as follows:cralaw:red
"Sec. 8. This Decree shall take effect immediately,
provided that amendments, changes and modifications may be made by me
and the same shall take effect after pronouncement thereon by me or by
my duly designated representative. The provisions of existing laws,
executive or administrative orders, rules and regulations, or parts
thereof inconsistent with the provisions of this Decree shall be
inapplicable.
Section 10. The same Decree is hereby amended by
adding a new section to be known as Section 9 which shall read as
follows:cralaw:red
"Sec. 9. The provisions of this Decree are hereby
declared to be separable and if any clause, sentence, provision or
section of this Decree or application thereof to any person or
circumstances should for any reason be held invalid or
unconstitutional, such invalidity or unconstitutionality shall not
affect the other provisions or application of this Decree which can be
given force and effect."
Done in the City of Manila,
this 26th day of December, in the year of Our Lord, nineteen hundred
and seventy-three.
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