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PRESIDENTIAL DECREE NO. 1964
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PRESIDENTIAL DECREE NO. 1964 -
FURTHER AMENDING Section THREE OF REPUBLIC ACT NO. 85, AS AMENDED,
OTHERWISE KNOWN AS THE DBP CHARTER, BY INCREASING THE AUTHORIZED
CAPITAL STOCK OF THE DEVELOPMENT BANK OF THE PHILIPPINES TO FIFTY
BILLION PESOS, AND APPROPRIATING THE NECESSARY FUNDS THEREFOR
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WHEREAS,
the current economic crisis amounts to a grave emergency which affects
the liability of the nation and requires immediate action; chanroblesvirtualawlibrary
WHEREAS, the Development Bank of the Philippines is the government
agency entrusted with the task of providing credit facilities for the
rehabilitation, development and expansion of the country's agriculture
and industry and the broadening and diversification of the national
economy;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 Republic of
the Philippines, by virtue of the powers vested in me by the
Constitution, do hereby order and decree the following:cralaw:red
Section 1. Section Three of Republic Act No. 85, as
amended, is hereby further amended to read as follows:cralaw:red
"Sec. 3. Capital Stock. — The capital stock of the
Bank shall be FIFTY Billion Pesos divided into FIFTY Million shares
having a par value of One Thousand Pesos each. The said capital stock
shall be fully subscribed by the Government of the Republic of the
Philippines and payment of said subscription shall be as follows: chanroblesvirtualawlibrary
"(a) At least fifty per centum (50%) of the surplus
account of the Bank as of June 30, 1962 and at least twenty per centum
(20%) of the net profits that may hereafter be realized as well as
profits that may be assigned as dividends to the share of the
Government shall be automatically applied to the payment of the
subscribed capital stock of the Government until the said capital stock
shall have been fully paid for, in which case the said profits shall be
utilized for such purposes as may be authorized by the Board of
Governors. chanroblesvirtualawlibrary
(f) Whatever remaining balance of the unpaid
subscription of the Government to the capital stock of the Bank is
hereby appropriated out of any funds in the National Treasury not
otherwise appropriated."
Section 2. This Decree shall take effect immediately.
DONE in the City of Manila,
this 11th day of January, in the year of Our Lord, nineteen hundred and
eighty-five.
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