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PRESIDENTIAL DECREE NO. 514
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PRESIDENTIAL DECREE NO. 514
- AMENDING REPUBLIC ACT NO. 6260, ENTITLED AN "ACT INSTITUTING A
COCONUT INVESTMENT FUND AND CREATING A COCONUT INVESTMENT COMPANY FOR
THE ADMINISTRATION THEREOF"
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chanroblesvirtualawlibrary
WHEREAS,
Republic Act No. 6260 instituting a Coconut Investment Fund and
creating a Coconut Investment Company to administer said Fund provides
that the corporate powers of the Company shall be vested in a Board of
Directors elected by coconut planters through annual elections; and
WHEREAS, there is need to modify the composition of the Board to
further enhance coordination of the Company's operations with
established government policies and programs;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President 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. The Chairman of the Board and the General
Manager of the Coconut Investment Company shall be appointed by the
President during the period that the Company is a government
corporation. They shall, together with the eleven (11) members
specified under Republic Act No. 6260, comprise a Board of Directors of
13 members which shall exercise the corporate powers of the Company.
Section 2. Any and all provisions of Republic Act No.
6260 which are inconsistent herewith are hereby repealed and/or amended
accordingly.
Section 3. This Decree shall take effect immediately.
Done in the City of Manila,
this 19th day of July, in the year of Our Lord, nineteen hundred and
seventy-four.
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