A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Presidential Decrees :
is desirable that the objective of establishing and developing a
commercial bank which shall ultimately be a privately run bank for the
benefit of veterans now be accelerated;
WHEREAS, it is desirable that the benefits through such a banking institution which are available to veterans and their beneficiaries shall also be made to military personnel even before their retirement or honorable discharge from the Armed Forces of the Philippines;
WHEREAS, it is desirable that the ultimate goal of becoming an expanded commercial bank should be facilitated through participation of other military personnel, through their various retirement and mutuald funds or through any other arrangements, thus taking advantage of economies of scale; and
WHEREAS, under Presidential Decree No. 1416, as amended, the President is empowered to undertake such organizational and related improvements as may be appropriate in the light of changing circumstances and new developments.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution and the authority vested in me by Presidential Decree No. 1416, as amended, do hereby decree and ordain:
The seventy million (70,000,000) common shares shall consist of the shares subscribed and fully paid by the National Government for and in behalf of veterans known and determined as of June 30, 1983, and the balance to be subscribed by veterans, military personnel, retirees and pensioners from the Armed Forces of the Philippines, any duly incorporated organization, institution, association or entity formed or organized by or for the benefit of military personnel or retirees or pensioners from the Armed Forces of the Philippines and any other interested investor from the private sector: Provided, That the corporate and individual stockholdings in the Bank shall be within the ceilings prescribed in Section s 12(b) and (d) of Republic Act No. 337, as amended.
The thirty million (30,000,000) preferred shares shall consist of the shares subscribed and fully paid by the National Government in behalf of veterans known and determined as of June 30, 1983 and the balance shall be open for subscription by those who are eligible to subscribe to common shares as provided in the preceding paragraph hereof: Provided, That the preferred shares shall have such features and terms as may be decided upon by the Board of Directors of the Bank, subject to the provisions of existing applicable laws and regulations.
"Military personnel" shall refer to those persons in active service in any branch of the Armed Forces of the Philippines.
"Retirees and pensioners" shall include military personnel who have retired or who have been honorably separated from active service in any branch of the Armed Forces of the Philippines.
The by-laws, duly certified by the Monetary Board and registered with the Securities and Exchange Commission as aforesaid, shall be kept in the principal office of the Philippine Military and Veterans Bank, subject to the inspection by the stockholders, during the office hours.
The Philippine Veterans Administration shall similarly within the same period of time submit a certified copy of the roster of veterans duly recognized and acknowledged as such by the Philippine Veterans Administration as of June 30, 1983. Additional shares of stock, common or preferred, may be issued to each veteran, widow, orphan or compulsory heir corresponding to his pro rata entitlement from any additional fund infusion arising from a release from the General Fund pursuant to an appropriation for the purpose specifically for the benefit of veterans shareholders determined and named at the time of approval of this Presidential Decree or other resources as many be generated by the old veterans stockholders' group. Any such additional share shall be issued in the name of the individual veteran beneficiary. Similarly, collections from accounts previously identified and classified by the Central bank as losses shall be credited pro rata to the equity holdings of the veterans-stockholders known and determined as such as of June 30, 1983.
Done in the City of Manila, this 29th day of February, in the year of our Lord, Nineteen Hundred and Eighty-Three.
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