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PRESIDENTIAL DECREE NO. 444
PRESIDENTIAL DECREE NO. 444
- AMENDING CERTAIN SectionS OF REPUBLIC ACT NUMBERED THREE THOUSAND
EIGHT HUNDRED AND FORTY-FOUR, AS AMENDED, ENTITLED "THE CODE OF
AGRARIAN REFORM IN THE PHILIPPINES"
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WHEREAS,
certain provisions of Republic Act Numbered Three Thousand Eight
Hundred and Forty-Four were amended by Presidential Decree Numbered Two
Hundred and Fifty-One in order to strengthen and revitalize the Land
Bank of the Philippines and thus provided it with the means to
effectively discharge its role as the financing arm of the Government
for land reform;chanroblesvirtualawlibrary
WHEREAS, further modifications in Republic Act Numbered Three Thousand
Eight Hundred and Forty-Four are necessary in order to improve the
organizational and administrative structure of the Land Bank of the
Philippines, as well as strengthen its capital base.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by the Constitution, do hereby
decree and order:cralaw:red
Section 1. A new section is hereby added after
section seventy-seven of Republic Act Numbered Three Thousand Eight
Hundred and Forty-Four, to read as follows:cralaw:red
"Sec. 77-A. The provisions of their respective
charters to the contrary notwithstanding, all government-owned or
controlled corporations, including government financial institutions,
are authorized to invest in preferred shares of the Land Bank and/or
accept those shares in exchange for any of their assets or properties
under such terms and conditions as shall be agreed upon between the
corporations or institutions concerned and the Land Bank."
Section 2. Section eighty-six of the said Act is
hereby amended to read as follows:cralaw:red
"Sec. 86. The Board of Directors; Membership; Per
Diem. — The affairs and business of the Bank shall be directed and its
property managed and preserved by a Board of Directors consisting of
seven (7) members to be composed of the Secretary of Finance as
Chairman, the President of the Bank as Vice-Chairman, the Secretary of
Agrarian Reform and the Secretary of Labor as ex-officio members, and
three members to be elected as hereinafter provided.
"Annually, on the first Tuesday after the first Monday in December, the
stockholders shall meet to take up, among others, the election of three
(3) members of the Board of Directors for the succeeding year, each
shareholder or proxy to be entitled to as many votes as he may have
shares of stock registered in his name on the 31st day of October last
preceding and held by him at the time of the election. The said three
(3) members of the Board of Directors shall be elected preferably from
the holders of the preferred shares depending on the outstanding amount
of said shares, as follows: A) Not exceeding P50 million — One member;
B) Exceeding P50 million but not over P100 million — Two members; and
C) Exceeding P100 million — Three members.
"The Board shall convene as frequently as necessary to discharge its
responsibilities properly, but shall meet at least once every two
weeks. The Board may be convoked either by the Chairman or, in his
absence, the Vice-Chairman.
"The presence of four (4) members shall constitute a quorum.
"All decisions of the Board shall require the concurrence of at least
four (4) members.
"The Chairman and the members of the Board shall receive a per diem of
two hundred fifty pesos each session of the Board attended, but in no
case to exceed two thousand pesos a month."
Section 3. Section eighty-two of the same Act is
hereby amended to read as follows:cralaw:red
"Sec. 82. Government Shares. — All shares of stock in
the Bank subscribed or owned by the government shall not be entitled to
participate in the income earned by the Bank from its investment and
other operations, whether in the form of cash or stock dividends or
otherwise. Amounts expended for the administration of the Bank shall
not be deemed as a participation of the government in income: Provided,
That the Bank may declare all its earnings accumulated prior to the
issuance of preferred shares as stock dividends to the government as
the sole shareholder of the Bank or in lieu of dividends, set aside
said earnings as contributed surplus to serve as fund for the
guaranteed dividend to preferred shareholders. The manner of
distributing the surplus shall be determined by the Board of
Directors."
Section 4. Repealing Clause. — All laws, decrees,
executive orders, rules and regulations, or parts thereof inconsistent
with this Decree are hereby repealed and/or modified accordingly."
Section 5. Effectivity. — This Decree shall take
effect immediately. chanroblesvirtualawlibrary
Done in the City of Manila,
this 4th day of May, in the year of Our Lord, nineteen hundred and
seventy-four.
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