A
collection of Philippine laws, statutes and codes
not
included or cited in the main
indices
of
the
Chan Robles Virtual Law Library
PRESIDENTIAL DECREE NO. 1962
PRESIDENTIAL DECREE NO. 1962 -
FURTHER AMENDING Section SEVEN OF PRESIDENTIAL DECREE NO. 550, AS
AMENDED BY PRESIDENTIAL DECREE NO. 1080, INCREASING THE AUTHORIZED
CAPITAL STOCK OF THE PHILIPPINE EXPORT AND FOREIGN LOAN GUARANTEE
CORPORATION AND APPROPRIATING FUNDS THEREFOR
|
chanroblesvirtualawlibrary
WHEREAS,
the current economic crisis amounts to a grave emergency which affects
the stability of the nation and requires immediate action;chanroblesvirtualawlibrary
WHEREAS, the Philippine Export and Foreign Loan Guarantee Corporation
plays a vital role in the promotion of the Philippine exports by
providing a guarantee coverage for foreign obligations incurred by
Philippine exporters; chanroblesvirtualawlibrary
WHEREAS, the issuance of this decree is an essential and necessary
component of the National Economic Recovery Program formulated to meet
and overcome the emergency.
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.
Section 1. Section 7 of Presidential Decree No. 550,
as amended by Presidential Decree No. 1080, is hereby further amended
to read as follows:cralaw:red
"Sec. 7. Capital Stock. — The authorized capital
stock of the Corporation shall be TEN BILLION PESOS (P10,000,000,000)
to be fully subscribed by the Government of the Republic of the
Philippines. For this purpose, such sum as may be necessary is hereby
appropriated from any sums not otherwise appropriated in the National
Treasury. The Board may increase the authorized capital stock of the
President of Philippines." chanroblesvirtualawlibrary
Section 2. This Decree shall take effect
immediately. chanroblesvirtualawlibrary
DONE in the City of Manila,
this 11th day of January, in the year of Our Lord, nineteen hundred and
eighty-five.
|
Back
to Home
- Back
to Main
chanroblesvirtuallawlibrary
Since 19.07.98
|