WHEREAS,
the National Development Company, by virtue of Commonwealth Act
No. 182, as amended by Commonwealth Act No. 311, has been created
as the implementing agency of the government in its
economic policies with an authorized capital stock of fifty
million pesos;chanroblesvirtualawlibrary
WHEREAS, of the authorized capital stock of fifty million pesos,
twenty-nine million pesos, more or less, have been subscribed and
fully paid by the National Government;chanroblesvirtualawlibrary
WHEREAS, as a result of the unsubscribed capital of P21 million,
the National Development Company has incurred a long term
obligation with the National Treasury amounting to P18 million,
more or less, which was utilized by the former in the
rehabilitation of its projects after the last World War;chanroblesvirtualawlibrary
WHEREAS, in the implementation of Republic Act 1407, the National
Government released to the National Development Company bond
funds amounting to P130 million, more or less, which was used to
purchase and acquire twelve (12) ocean-going vessels;chanroblesvirtualawlibrary
WHEREAS, by virtue of the extension of the corporate life of the
National Development Company for another period of 25 years from
June 5, 1976 under Presidential Decree No. 668 dated March 7,
1975, the National Development Company, as principal
Instrumentality of the Government in the furtherance of its
economic policies in addition to its existing powers and duties,
is further authorized to acquire, hold, develop, and dispose of
all lands acquired by the Americans under the Parity Agreement
before the termination of their rights to acquire such lands; and
WHEREAS, under said Presidential Decree, in order to insure the
economic development of the country, it was decreed that the
authorized capital of the National Development Company increased
to Two Hundred Million pesos, the amount to be subscribed by the
National Government to carry out the purposes and objectives
for which it was created as the implementing arm of the
Government in the furtherance of its economic policies;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers vested in me by the
Constitution, in order to insure the implementation of the
economic policies of the government, do hereby decree and order
that all the outstanding obligations of the NDC from bond funds
in the total amount of approximately P148 million, more or
less, utilized in the rehabilitation of its projects after World
War II and in the acquisition of vessels under Republic Act 1407
exclusive of interest, shall be considered and converted as the
subscription of the National Government in the National
Development Company and shall form part of the Two Hundred
Million Pesos capitalization in the implementation of
Presidential Decree No. 668.
There is hereby appropriated out of any funds in the National
Treasury not otherwise appropriated, such sums as may be
necessary to pay for the remaining balance of the shares of stock
of the National Development Company to be further subscribed by
the Government to complete the P200 million authorized capital
stock of the Corporation. chanroblesvirtualawlibrary
All laws, decrees, orders, rules and regulations, policies,
programs, or parts thereof, which are inconsistent with any
provision of this Decree, are hereby repealed or modified
accordingly.
This Decree shall take effect immediately.
Done in the City of Manila,
this 15th day of July, in the year of Our Lord, nineteen hundred
and seventy-five.
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