WHEREAS,
the Philippines Expeditionary Force to Korea (PEFTOK) veterans having
gloriously fought in the battlefields of that country on the side of
the free world and having contributed to the preservation of democratic
institutions in this part of the globe, would not want to render at
naught the role and sacrifice they made at the cost of the lives of
many of their comrades-in arms;chanroblesvirtualawlibrary
WHEREAS, the officers and men of the Armed Forces of the Philippines
include PEFTOK veterans, and more than any other body of government
personnel they have been called upon to carry and are now carrying a
great share of the great burden of suppressing the activities of men
actively engaged in a criminal conspiracy to seize political and
state power in the Philippines, and the burden of eradicating
widespread lawlessness, anarchy, disorder and wanton destruction of
lives and property now prevailing throughout the country; chanroblesvirtualawlibrary
WHEREAS, one of the objectives of the proclamation of martial law is to
effect economic reforms to enhance the atmosphere of foreign and local
investments, and in the process, create jobs for the country's
unemployed;chanroblesvirtualawlibrary
WHEREAS, the PEFTOK veterans, through their PEFTOK Veterans
Association, have signified their desire to render service to the
New Society not only in the preservation of peace and order but also in
the economic uplift of the Filipino people in general and their fellow
PEFTOK veterans in particular;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, by virtue of the powers vested
in me by the Constitution as Commander-in- Chief of all the Armed
Forces of the Philippines, and pursuant to Proclamation No. 1081, dated
September 21, 1972, as amended, do hereby create a corporation to be
known as the PEFTOK INVESTMENT AND DEVELOPMENT CORPORATION, hereinafter
referred to as the Corporation. Its principal domicile and place of
business shall be in Quezon City, Philippines, or at such other
place as the Board of Directors may determine.
Section 1. The Corporation shall be a body corporate
and shall be subject to the provisions of the Corporation Law insofar
as they are not inconsistent with the provisions of this Decree, or
with the purpose for which this Corporation is formed, and shall have
the general powers mentioned in said law, and such other powers as may
be necessary to enable it to accomplish its purposes.
In particular, the Corporation, shall among others be vested with the
following powers:cralaw:red
a. To create, generate, develop, improve, promote,
and enhance any and all kinds of investment opportunities or fields of
investment whether now in being or not and whether new or old; and for
the purpose, the corporation shall invest in, purchase, acquire, hold,
use, sell, lease, assign, transfer, alienate, dispose, or encumber real
and personal property of every kind and description, including shares
of stock, bonds, debentures, notes, evidence of indebtedness, and other
securities and interests in property, and shall exercise all rights,
powers and privileges connected with or incident to the ownership,
possession, interest in, and use of such real and personal properties;
and may undertake, organize, form, promote, develop, or establish
businesses and all forms of enterprise, whether here or abroad, as are
necessary, suitable, or convenient to be undertaken, organized, formed,
promoted, developed or established to carry out, directly or
indirectly, the purposes and interests or to enhance the businesses or
to render more valuable or profitable any of the rights, properties,
interests or enterprises of this corporation;chanroblesvirtualawlibrary
b. To promote and develop agriculture in the
Philippines and turn to account the resources of land and rights
therein: to carry on and conduct an agricultural enterprise by means of
planting, cultivating, constructing, raising, purchasing, processing,
threshing, milling, and selling any and all plants, trees, fish,
livestock, crops and other products of the soil: to engage in the
production and manufacture of any kind of materials and substances
which may be of use or convenience for utilization of agricultural
products; to buy, sell, import, export, or in any manner trade in same,
and to carry on studies and experiments in the cultivation,
manufacturing and marketing of such products, in connection therewith;chanroblesvirtualawlibrary
c. To manufacture, buy, sell, and in all ways deal
in, and with respect to articles, goods, wares, merchandise and
commodities of all kinds and descriptions, to engage in and conduct, in
all branches and details, the business of manufacturing and trading;chanroblesvirtualawlibrary
d. To enter into and perform contracts, undertakings
and obligations of every kind and character;chanroblesvirtualawlibrary
e. To acquire and/or lease lands from the Philippine
Government for agricultural, pastural and related purposes in excess of
the areas allowed to private corporations, associations by existing
laws which may prove beneficial both to the corporation and the
Government;chanroblesvirtualawlibrary
f. To borrow money and to incur indebtedness without
limit as to the amount, and in excess of the capital stock of the
corporation, and to issue bonds, debentures, stock, warrants, notes or
other obligations therefor, and to secure the same by any lien, charge,
grant, pledge, deed of trust or mortgage of the whole or any part of
the real and/or personal property of the corporation then owned and/or
thereafter to be acquired, and/or to issue bonds, debentures, without
any such security;chanroblesvirtualawlibrary
g. To grant loans to stockholders for the purpose of
enabling said stockholders in joining cooperative associations which
are owned or controlled by PEFTOK veterans: Provided, That the amount
of such loans shall not exceed fifty per cent (50%) of the par value of
the stocks actually owned by said stockholders: Provided, further, That
such loan shall be payable in full within a period of not exceeding one
year;chanroblesvirtualawlibrary
h. To engage in and carry on the business of general
wholesale and retail merchants, importers, exporters, commission
merchants, brokers, factors, agents, manufacturers, processors, dealing
in or with any and all classes of materials, merchandise, supplies and
commodities of every kind and nature;chanroblesvirtualawlibrary
i. To carry on any other lawful business whatsoever
which may seem to the corporation capable of being carried on in
connection with the foregoing purposes and powers, or calculated
directly or indirectly to promote the interest of the corporation or to
enhance the value of its property, and to have, enjoy and exercise all
the rights, powers and privileges which are now or which may hereafter
be conferred upon similar corporations organized under the laws of the
Republic of the Philippines;chanroblesvirtualawlibrary
j. To exercise the general powers mentioned in the
Corporation Law, insofar as they are not inconsistent or incompatible
with the provisions of this Decree.
Section 2. The Corporation shall be governed and its
activity shall be directed, controlled and managed by a Board of
Directors which shall be composed of the Secretary of National Defense,
the Chief of Staff of the Armed Forces of the Philippines, the
President of the PEFTOK Veterans Association, Incorporated and
six (6) other persons who shall be designated by the President of the
Philippines from a list of qualified PEFTOK veterans. The six (6)
persons so designated shall serve and act as Directors from the date
hereof until their successors are elected and qualified as provided for
in the by-laws of the Corporation.
Section 3. The capital stock of the PEFTOK
Corporation shall be four million pesos (P4,000,000.00) divided into
four hundred thousand (400,000) common shares with a par value of ten
pesos (P10.00) each.
At least fifty-one per cent (51%) of the capital stock of the PEFTOK
Corporation shall be fully subscribed by the government of the
Republic of the Philippines for and in behalf of the PEFTOK veterans
and the amount of two million one hundred ninety eight thousand and
three hundred sixty pesos (P2,198,367.00) shall be initially paid and
transferred to said corporation out of the PEFTOK savings under R.A.
573: Provided, That within three years from the date of the
proclamation of this Decree all shares of capital stock subscribed and
held by the government of the Republic of the Philippines for and in
behalf of the PEFTOK veterans shall be transferred to and in the name
of PEFTOK veterans who shall thereafter vote said common shares. A
PEFTOK veteran, his widow, or legitimate children shall only be
entitled to three common shares: Provided, further, That after three
years from the date of the proclamation of this Decree, the Board of
Directors of said Corporation shall from time to time determine the
number of unsubscribed capital stock which shall be available for
subscription by PEFTOK veterans. chanroblesvirtualawlibrary
The sale of transfer of common shares to a party not a PEFTOK veteran
shall not be allowed under any circumstance. Any share may be sold or
transferred to the corporation which shall issue the same to
stockholders who are veterans: Provided, That no PEFTOK veteran shall
be issued a total of more than one hundred shares.
Section 4. As defined in this decree, a PEFTOK
veteran is any officer or enlisted man of the Armed Forces of the
Philippines, active, inactive, or honorably separated from the service,
who had served with any unit of the Philippine Expeditionary Forces to
Korea (PEFTOK) as duly certified to by the Adjutant General of the
Armed Forces of the Philippines: Provided, That for purposes of
this Decree, the term "PEFTOK veteran" or "veteran" shall include the
widow and legitimate children of a deceased veteran.
Section 5. The Corporation shall contribute the
amount of five per cent (5%) of its net profit to the ASSISTANCE FUND
administered by the Philippine Veterans Assistance Commission created
by Presidential Decree No. 244 dated July 12, 1973.
Section 6. The legal existence of the Corporation
under this Decree shall be for a period of fifty (50) years from and
after the promulgation of this Decree. chanroblesvirtualawlibrary
Section 7. This Decree shall take effect upon its
approval.
Done in the City of Manila,
this 31st day of July, in the year of Our Lord, nineteen hundred and
seventy-three.
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