A
collection of Philippine laws, statutes and codes
not
included or cited in the main
indices
of
the
Chan Robles Virtual Law Library
PRESIDENTIAL DECREE NO. 668
|
PRESIDENTIAL DECREE NO. 668 -
EXTENDING THE CORPORATE LIFE OF THE NATIONAL DEVELOPMENT COMPANY FOR
ANOTHER TWENTY-FIVE (25) YEARS AND INCREASING ITS AUTHORIZED CAPITAL TO
TWO HUNDRED MILLION PESOS, WITH ADDITIONAL POWERS
|
chanroblesvirtualawlibrary
WHEREAS,
NDC was originally created under Commonwealth Act No. 182 as amended by
Commonwealth Act No. 311, to exist for a period of fifty (50) years
from the approval of the Act on January 9, 1938, with a capitalization
of P50 Million divided into 500,000 shares of stock with a par value of
P100.00 each, 51% of said capital to be subscribed by the Government of
the Commonwealth of the Philippines, and the remainder thereof to be
offered to the Provincial, Municipal and City Government of the
Philippines;chanroblesvirtualawlibrary
WHEREAS, the Commonwealth Act No. 182 as amended by Commonwealth Act
No. 311, is further amended by Executive Order No. 399 of the President
of the Philippines dated January 5, 1951, otherwise known as the
Uniform Charter for Government Corporations including the National
Development Company, whereby NDC shall exist for a period of
twenty-five (25) years from the effectivity of the said Executive Order
on January 5, 1951, and the corporate life of the NDC to terminate on
January 5, 1976;chanroblesvirtualawlibrary
WHEREAS, the NDC is empowered to engage in commercial, industrial,
mining, agricultural and other enterprises which are necessary or
contributory to the economic development of the country and important
public interest, to hold public agriculture lands and mineral lands in
excess of the area permitted in a public corporation, and to organize
subsidiary companies over which it has control over them;chanroblesvirtualawlibrary
WHEREAS, by virtue of the said Charter, NDC has entered into agreement
for the sale of land to the landless, growing of pineapple and other
crops with the Dole Philippines, Inc. and Philippine Packing
Corporation, and has invested in private sectors, such as the Manila
Gas Corporation, Republic Telephone Company, Resort Hotels Corporation,
Royal Industries of the Philippines, Philippine Electrical
Manufacturing Company, Philippine Communication Satellite Corporation,
Gomez Cellulose International, Inc., Crowntex Corporation, and the
Industrial Estate Corporation, the period of contractual relations of
which is beyond the corporate life of the National Development Company,
under Executive Order No. 399 abovementioned;chanroblesvirtualawlibrary
WHEREAS, it is of paramount importance that the corporate life of the
NDC be extended for another period of twenty-five (25) years from
January 5, 1976; since the NDC is a principal instrumentality of the
Government in the furtherance of its economic policies as evidenced by
its past and present investments in different economic ventures in
which private capital was timid to undertake as in the survey of
petroleum and mineral deposits, generation of electric power,
manufacture of cement, coal mining, abaca and ramie fiber processing,
manufacture of textile and yarns, development of marble quarries, sugar
refining, meat and fish canning,rlines, acquisition and operation of
oceangoing vessels, paper mills, manufacture of electric lamps and
bulbs, production of gas fuel, nail manufacture, warehousing,
shoe-making, land distribution, pineapple growing, etc.; chanroblesvirtualawlibrary
WHEREAS, the capital of the National Development Company has been
subscribed by the National Government as an implementing arm of its
economic policies; and it is necessary that the National Development
Company be placed under the Office of the President;chanroblesvirtualawlibrary
WHEREAS, the remaining capital stock of the National Development
Company was not subscribed by any provincial, municipal, and city
governments of the Philippines pursuant to said law and the National
Development Company has been operating under a meager subscribed
capital stock of P29 Million more or less and on loans from the
Treasurer of the Philippines and other banking institutions with
interests; and
WHEREAS, in the expansion of activity of the economic arm of the
government and the furtherance of its economic policy the National
Development Company needs more lands in the exercise of its power to
engage in agricultural enterprises.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of
the Philippines, by virtue of the powers vested in me by the
Constitution, in order to ensure the economic development of the
country particularly in the agricultural enterprises, and the security
of the existing contracts of the NDC with private parties as an
implementation of the purpose or purposes for which it was created,
hereby order and decree that Commonwealth Act No. 182, as amended by
Commonwealth Act No. 311 and Executive Order No. 399, be amended such
that the corporate life of the National Development Company is hereby
extended for another twenty-five (25) years from January 5, 1976; that
the authorized capital of the corporation is hereby increased to Two
Hundred Million Pesos, the amount to be subscribed by the National
Government to carry out the purposes and objectives for which it was
created as the principal instrumentality of the Government in the
furtherance of its economic policies; and, it being an implementing arm
in the furtherance of the economic policies of the Government, the
National Development Company shall be directly under the Office of the
President of the Republic of the Philippines; and it is further decreed
that in addition to its existing powers and duties, the National
Development Company is further authorized to acquire, hold, develop and
dispose all lands acquired by Americans under the Parity amendment
before the termination on July 3, 1974 of their right to acquire such
lands. chanroblesvirtualawlibrary
This Decree shall take effect immediately.
Done in the City of Manila,
this 7th day of March, on the year of Our Lord, nineteen hundred and
seventy-five.
|
Back
to Home
- Back
to Main
chanroblesvirtuallawlibrary
Since 19.07.98
|
