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PRESIDENTIAL DECREE NO. 265
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PRESIDENTIAL DECREE NO. 265
- DECLARING THE LEASE-SALE OF ONE L-100-20 HERCULESRCRAFT NO. PI 98, A
GOVERNMENT PROPERTY, AS A VALID AND BINDING CONTRACT OF THE GOVERNMENT
OF THE REPUBLIC OF THE PHILIPPINES AND CREATING A SPECIAL FUND FROM THE
PROCEEDS THEREOF
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chanroblesvirtualawlibrary
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, and General Order No. 1, dated September 22, 1972, as amended, do
hereby order and decree as follows:cralaw:red
Section 1. Existing laws, orders, decrees, rules and
regulations to the contrary notwithstanding, the agreement entered into
by the Republic of the Philippines, through its duly authorized
representative, on July 16, 1973 for the lease, with an option to
purchase, of itsrcrafts, No. PI 98, to James Bay Energy Corporation, a
body politic incorporated under the laws of Quebec, Canada, is hereby
declared a valid and binding contract of the Government of the Republic
of the Philippines.
Section 2. A Special Fund is hereby constituted out
of the proceeds of the lease-sale agreement for the following
purposes: chanroblesvirtualawlibrary
(1) To finance partly the initial government
acquisition of helicopters from the Federal Republic of Germany in
conformity with the Progressive Helicopter Assembly and Manufacturing
Program and/or expenditures for activities related thereto; and
(2) To finance the prepayment to the Export-Import
Bank of the United States of that portion of an existing loan covering
subjectrcraft, which shall be made as soon thereafter as title to
saidrcraft passes to James Bay Energy Corporation on June 1, 1977.
The Fund shall be administered and accounted for by the Development
Management Staff, Office of the President, as the owner-agency of the
Herculesrcraft, and expenditures therefrom shall be made subject to the
approval of the Executive Secretary.
Section 3. This decree shall take effect upon
approval.
Done in the City of Manila,
this 3rd day of August, in the year of Our Lord, nineteen hundred and
seventy-three.
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