A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Republic Acts :
|REPUBLIC ACT NO. 663 - AN
ACT TO DEVELOP AND IMPROVE THE RICE AND CORN INDUSTRIES, TO STABILIZE
THE PRICE OF RICE AND TO PROMOTE THE SOCIAL AND ECONOMIC CONDITIONS OF
THE PEOPLE ENGAGED IN THE PRODUCTION OF THESE STAPLE FOODS
|Section 1. For
the purpose of developing and improving the rice and corn industries in
all their phases, of stabilizing the prices of rice and corn, and of
promoting the social and economic conditions of the people who are
engaged in the production of these staple foods, as corporation is
hereby created which shall be known as the National Rice and Corn
Corporation and shall be referred to herein as Corporation. All assets
and liabilities of the defunct NARIC which were turned over to the
PRISCO by virtue of Executive Order No. 350 are hereby transferred to
this new Corporation. The National Rice and Corn Corporation shall be
organized within one month after the date of the approval of this Act
and shall exist for a term of thirty years from the said date. The
Corporation shall have its main office in the City of Manila.
Sec. 2. (a) The Corporation shall carry out its
development work not by any form of regimentation, but thru —
Sec. 3. For carrying out the foregoing objectives,
the Corporation shall have authority —
Sec. 4. The National Rice and Corn Corporation shall be subject to the provisions of the Corporation Law in so far as they are compatible with the provisions of this Act, and it shall enjoy the general powers mentioned in said Corporation Law in addition to those herein specified.
Sec. 5. In order to enable the Corporation to
exercise the powers and duties vested in it by this Act —
Sec. 6. (a) In the appointment of officials and
selection of employees for the said Corporation, and in the promotion
of any employees or officials, no political test or qualifications
shall be permitted or given consideration, but all such appointments
and promotions shall be given and made on the basis of merit and
efficiency. Any member of the Board of Directors who is found by the
President of the Philippines to be guilty of a violation of this
section shall be removed from office by the President of the
Philippines, and any appointee of said Board who is found by the Board
to be guilty of a violation of this section shall be removed from
office by said Board.
Sec. 7. (a) The capital stock of the Corporation
shall be subscribed by the Government of the Republic of the
Philippines excepting such number of stocks as may necessarily be sold
to the members of the Board of Directors. Fifty per cent of the value
of stocks subscribed shall be paid immediately; 10 per cent on or
before July, 1951; 10 per cent on or before July 1, 1952; and 10 per
cent on or before July 1, 1953. Payment of the balance shall be subject
to call by the President of the Philippines upon recommendation of the
Board of Directors. Stocks sold to any member of the Board may be
purchased by the Government of the Republic of the Philippines at par
value when he ceases to be a member of said Board.
Sec. 8. (a) The Corporation shall, at all times,
maintain complete and accurate books of accounts, which shall be
segregated under three main accounts namely:
Sec. 9. (a) The management of the National Rice
and Corn Corporation shall be vested in a Board of Directors consisting
of five members appointed by the President of the Philippines, with the
consent of the Commission on Appointments. The President of the
Philippines shall appoint the Chairman of the Board from among its
members. The Board shall appoint a General Manager and an Assistant
General Manager who need not be members of the Board.
Section 10. (a) The present National Rice and Corn
Corporation as merged with the PRISCO by Executive Order No. 350 is
dissolved. Its properties, assets, rights, choses in action,
obligations, liabilities and contracts are transferred to, and are
vested in, and assumed by, the public corporation herein created. The
business and affairs of the aforecited corporation are liquidated as of
the effective date of this Act, and are automatically assumed and
continued by the Corporation herein created.
Section 11. To carry out the purposes of this Act, there is hereby appropriated out of the funds of the National Treasury not otherwise appropriated, to be paid and transferred to the Corporation for the stocks subscribed by the Government, as follows: Ten million pesos upon approval of this Act, five million of which shall be taken from the authorized capital appropriation of the PRISCO as share of the RICO department, PRISCO, activities which will be assumed and continued by this new Corporation; five million pesos less the net book value of the properties and assets of the former National Rice and Corn Corporation, on or before July 1, 1952; and the balance, or five million pesos, on or before July 1, 1953. The total sum to be paid and transferred to the Corporation under the provisions of this Act shall not exceed twenty million pesos. All profits derived from the operation of the Corporation herein created shall accrue to and form part of the same and shall be available for expenditure and/or investment for the same purposes herein provided.
Section 12. This Act shall take effect one month
after its approval.
Approved: June 16, 1951