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PRESIDENTIAL DECREE NO. 1370
PRESIDENTIAL DECREE NO. 1370
- AMENDING Section 6 OF CHAPTER II OF PRESIDENTIAL DECREE NO. 269 IN
ORDER TO INCREASE THE CAPITALIZATION OF THE NATIONAL ELECTRIFICATION
ADMINISTRATION
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WHEREAS,
under the basic policies for the rationalization of the electric power
industry established under Presidential Decree No. 269, the NEA was
given the responsibility of setting up electric cooperatives for the
generation, transmission and distribution of electric power, and to
determine privately-owned public utilities which should be permitted to
remain in operation in order to attain total electrification on an area
coverage basis;chanroblesvirtualawlibrary
WHEREAS, the magnitude of the electrification program envisioned under
said decree requires the infusion of massive governmental support and
financial assistance in order to achieve the ultimate objective of
total electrification;chanroblesvirtualawlibrary
WHEREAS, the financial resources of NEA, although supplemented by
foreign borrowings, are still deemed insufficient to finance and
accelerate the rapid implementation of the national commitment of total
electrification;chanroblesvirtualawlibrary
WHEREAS, it is necessary to appropriate additional funds for the
immediate realization of this objective.
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 as follows:cralaw:red
Section 1. Section 6 of Presidential Decree No. 269
is hereby amended to read as follows:cralaw:red
"Section 6. Capital Stock. — The authorized Capital
Stock of NEA is Two Billion Pesos divided into Fifty (50) Million
shares with a par value of One Hundred Pesos (P100.00) each, which
shares are not to be transferred, negotiated, pledged, mortgaged or
otherwise given as security for the payment of any obligation.
Beginning with the Fiscal Year 1978, the sum of Two Hundred Million
Pesos is hereby appropriated out of the funds in the National Treasury
not otherwise appropriated and the same amount annually thereafter
until the balance of the unpaid subscription of the government to the
capital stock of the corporation shall have been paid in full. Such
annual appropriation shall be programmed and released by the Budget
Commission in accordance with the schedule of cash requirements to be
submitted by the NEA; provided that this annual appropriation of Two
Hundred Million Pesos and the programming and release thereof shall
remain in force until the entire capital stock of the NEA is paid in
full." chanroblesvirtualawlibrary
Section 2. This Decree shall take effect immediately.
Done in the City of Manila,
this 2nd day of May, in the year of Our Lord, nineteen hundred and
seventy-eight.
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