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PRESIDENTIAL DECREE NO. 405
PRESIDENTIAL DECREE NO. 405 -
AMENDING THE CHARTER OF THE PHILIPPINE NATIONAL OIL COMPANY, AS
PROVIDED FOR IN PRESIDENTIAL DECREE NO. 334 DATED NOVEMBER 9, 1973, AND
FOR OTHER PURPOSES
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WHEREAS,
for the purpose of strengthening the policy making body of the
Philippine National oil Company, it is necessary to increase the number
of its directors; and chanroblesvirtualawlibrary
WHEREAS, it is imperative that the government give all the assistance
and incentives to the Company in its venture to insure adequate supply
of oil for the sustained growth of the economy;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
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 that certain provisions of Presidential Decree No. 334 dated
November 9, 1973 be amended:cralaw:red
Section 1. Section 6 of Presidential Decree No. 334
is hereby amended to read as follows:cralaw:red
"Sec. 6. Governing Body. — The Company shall be
governed by a Board of Directors, hereinafter referred to as the
'Board' which shall be composed of nine (9) members to be appointed by
the President of the Philippines. The members of the Board shall serve
for a term of three (3) years or until their successors shall have been
appointed and qualified. In case of any vacancy in the Board, the same
shall be filled by the President of the Philippines for the unexpired
term.
No person shall be appointed as member of the Board unless he is a
natural born citizen of the Philippines, at least thirty-five (35)
years of age and of established integrity."
Section 2. Sec. 15 of said Decree is hereby amended
to read as follows:cralaw:red
"Sec. 15. Privileges and Incentives. — The Company
shall be entitled to all the incentives and privileges granted by law
to private enterprises engaged in petroleum or oil operations. chanroblesvirtualawlibrary
In addition, the employees of the Company shall be entitled to all the
retirement and insurance benefits and leave privileges of government
employees. However, subsidiaries of the Company organized to undertake
purely business ventures shall not, as a matter of right, be
subject to the provisions of the Government Service and Insurance
System, as provided for under R.A. 186, as amended, as well as to any
law, executive orders and decrees relating to leave of absences,
retirement privileges, regular working hours, and other government
employee benefits."
Section 3. Effectivity. — This Decree shall take
effect immediately.
Done in the City of Manila,
this 4th day of March, in the year of Our Lord, Nineteen Hundred and
seventy-four.
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