WHEREAS,
the structural reorganization instituted in the Office of the President
of the Philippines has affected the composition of the ex-officio
members of the Board of Directors of the Philippine Aerospace
Development Corporation;chanroblesvirtualawlibrary
WHEREAS, in view thereof, the charter provisions on the Board of
Directors of the Corporation requires appropriate amendment;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, by virtue of the powers vested
in me by the Constitution as Commander-in-Chief of all 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, and in order to effect the desired changes and reforms in
the social and economic structure of our Society, do hereby order and
decree that the provisions of Section 6 of Presidential Decree No. 696
be amended to read as follows:cralaw:red
"Sec. 6. Board of Directors. — 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
following ex-officio members, namely the Secretary of Public Works,
Transportation and Communications, the Secretary of Industry, the
Secretary of National Defense, the Chairman, Board of Governors of the
Development Bank of the Philippines, the General Manager of the
Government Service Insurance System and three (3) other members to be
appointed by the President of the Philippines. The first appointive
director shall serve for a term of one (1) year, the second, for a term
of two (2) years, and the third, for a term of three (3) years, after
which their successors shall serve for a term of two (2) years. In
addition, any official exercising voting powers in accordance with
Section 4, paragraph g, of this Decree shall automatically become an
ex-officio member of the Board of Directors, provided that the number
of shares of stock of the Corporation owned or subscribed by the
institution represented by such official constitute at least nine per
centum (9%) of the total subscribed capital stock of the Corporation.
All members of the Board, whether appointed or ex-officio shall enjoy
the same powers, rights, and privileges as may be established by the
Board for the conduct of its affairs. The President of the Philippines
shall appoint a Chairman from among the directors." chanroblesvirtualawlibrary
This Decree shall take effect immediately.
Done in the City of Manila,
this 11th day of December, in the year of Our Lord, nineteen hundred
and seventy-five.
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