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PRESIDENTIAL DECREE NO. 959
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PRESIDENTIAL DECREE NO. 959 -
FURTHER AMENDING PRESIDENTIAL DECREE NO. 257 CREATING THE PEFTOK
INVESTMENT AND DEVELOPMENT CORPORATION, AS AMENDED
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chanroblesvirtualawlibrary
WHEREAS,
Presidential Decree No. 257, dated July 21, 1973, as amended by
presidential Decree No. 536, dated August 9, 1974, prescribes that
within three (3) years from the date of promulgation of said
Presidential Decree No. 257, all members of PEFTOK units be determined
and declared to have been accounted for by the Board of Directors of
the PEFTOK Investment and Development Corporation in order to transfer
all the stocks therein to the PEFTOK veterans; chanroblesvirtualawlibrary
WHEREAS, because of time constraints, only 3,300 of the total of about
8,000 PEFTOK veterans have been accounted for;chanroblesvirtualawlibrary
WHEREAS, considering that it will take longer time to locate and
account for the rest of the 8,000 PEFTOK veterans, it is necessary that
appropriate amendment be made in the aforesaid Presidential Decrees No.
257 and No. 536;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of
the Philippines, by virtue of the powers in me vested by the
Constitution, do hereby order and decree, as part of the law of the
land, the following: chanroblesvirtualawlibrary
Section 1. A new provision is hereby inserted as
Section 3-A of Presidential Decree No. 257, as amended, to read as
follows:cralaw:red
"Sec. 3-A. Until such time that the majority of all
the bona-fide PEFTOK veterans shall have been accounted for, issued
their corresponding shares of stock, are able to vote said stocks and
elect the members of the Board of Directors, the ex-officio members of
the Board of directors of the Corporation shall not be changed and the
President of the Philippines shall continue to designate effective, on
the first day of August every year beginning in the year 1976, from
among a list of qualified PEFTOK veterans, the six (6) other members of
the Board of Directors of the Corporation."
Section 2. This Decree takes effect upon
approval. chanroblesvirtualawlibrary
Section 3. All laws, decrees, orders and rules and
regulations which are inconsistent herewith are hereby repealed or
modified accordingly.
Done in the City of Manila this
14th day of July in the year of Our Lord, nineteen hundred and
seventy-six.
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