REPUBLIC ACT NO. 4403 - AN ACT
ENCOURAGING THE ORGANIZATION OF AGRO-INDUSTRIAL COCONUT COOPERATIVES
UNDER THE JURISDICTION OF THE PHILIPPINE COCONUT ADMINISTRATION,
AMENDING FOR THE PURPOSE REPUBLIC ACT NUMBERED ELEVEN HUNDRED
FORTY-FIVE
Section 1. Subsection (f), Section three of Republic Act
Numbered Eleven hundred forty-five is amended to read as follows:
"(f) To help planters and processors organize
themselves into associations and/or agro-industrial coconut
cooperatives with a view to giving them greater control in the
marketing of their products, to help them obtain more credit
facilities, and to assist them in getting more participation in the
income of the coconut industry, such agro-industrial cooperatives shall
be registered with the Securities and Exchange Commission and, any law
to the contrary notwithstanding, enjoy the following privileges:
"(1) Agro-industrial coconut cooperatives with net
assets of not more than five hundred thousand pesos shall be exempt
from all taxes and government fees of whatever nature; and those with
net assets in excess of five hundred thousand pesos shall be exempt
from the payment of documentary stamp tax, residence taxes, tax on
banks and insurance companies and municipal and city taxes, but shall
be liable for the payment of income tax at the full rate provided for
under existing laws on the amount allocated for interest on capital,
fixed and percentage taxes at the full rate provided for under existing
laws on gross sales to non-members; and all other taxes provided for
under existing laws.
"(2) Agro-industrial coconut cooperatives may deposit
their sealed cash boxes, documents and valuable papers in the safes of
city or municipal treasurer and other government offices free of charge
and the depository of said articles shall issue a receipt therefor.
"(3) Agro-industrial cooperatives shall be
represented in courts by provincial or city fiscal or the government
corporate counsel or his representative in any case where they are a
party either as a plaintiff or defendant, except when the government is
one of the parties."
Sec. 2. All the powers vested in and the duties
conferred upon the Agricultural Credit and Cooperative Financing
Administration now the Agricultural Credit Administration relative to
the promotion, organization and supervision of cooperatives of coconut
planters and processors under Republic Act Numbered Eight hundred
twenty-one, as amended, are hereby transferred to the Philippine
Coconut Administration.
Sec. 3. This Act shall take effect upon its
approval.
Approved: June 19, 1965
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