Executive Order No. 686
RELEASING APPROPRIATED FUNDS TO THE NATIONAL COAL AUTHORITY AS GOVERNMENT EQUITY CONTRIBUTION
WHEREAS, the National Coal Authority was created by virtue of P.D. No. 1722 to undertake, among others, various activities in connection with the supply, distribution and use of coal as an alternative source of energy;
WHEREAS, to accomplish these purposes, Letter of Instructions No. 1103 dated January 20, 1981 directed the Treasurer of the Philippines to release to the National Coal Authority the amount of Fifty Million Pesos out of the Special Fund created under Section 8 (j) of R.A. No. 6173, as amended, as equity contribution of the government.
NOW, THEREFORE, I, FERDINAND E. MARCOS, pursuant to the powers vested in me by law and the Constitution, do hereby order the following:
SECTION 1. That the National Coal Authority shall have an initial authorized capitalization in the amount of Five Hundred Million Pesos divided into five hundred thousand shares with a par value of P 1,000 per share to be wholly subscribed by the Philippine government.
Sec. 2. That as initial paid-up equity contribution of the government and pursuant to Letter of Instruction No. 1103, the amount of Fifty Million Pesos is hereby directed to be released to the National Coal Authority out of the Special Fund created under Section 8 (j) of R.A. No. 6173, as amended.
Sec. 3. That the Board of Governors may from time to time and as the operations and objectives of the National Coal Authority require, increase the capitalization of the Authority.
Sec. 4. This Order shall take effect immediately.
Done in the City of Manila, Philippines, this 5th day of May, in the year of Our Lord, nineteen hundred and eighty-one.
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