Presidential
Decree No. 1443
AMENDMENT TO Section 5 (b) OF
REPUBLIC
ACT NO. 6395 AS AMENDED, BY
PRESIDENTIAL DECREE NOS.
380,
395,
758 AND
1360
WHEREAS,
the power expansion program undertaken by the
National Power Corporation (NPC) covering
a period of ten (10) years would need effective government support through
equity contributions to
NPC to sustain
said programs;
WHEREAS,
the present Revised Charter of the
National
Power Corporation limits the government equity contributions to annual
appropriation of P 200 Million to pay the balance of the unpaid subscription of
the government to the capital stock of the Corporation;
WHEREAS,
to insure adequate funds and sustain the
Corporation’s
power development, there is an imperative need to appropriate such additional
sums as may be necessary to meet the yearly financial requirements of the power
program;
NOW,
THEREFORE, I, FERDINAND E. MARCOS, President of the
SECTION
1. Section 5 of the
Charter
of the
National Power Corporation,
Republic Act No. 6395, as amended by
Presidential
Decree Nos. 758 and
1360, is hereby further
amended to read as follows:
“SEC. 5. Capital Stock of the
Corporation. – The authorized capital stock of the
Corporation shall be Fifty Billion Pesos
(P 50,000,000,000.00) divided into Five Hundred Million (P 500,000,000) shares
having a par value of One Hundred Pesos each, which shares are not to be
transferred, negotiated, pledged, mortgaged, or otherwise given a security for
the payment of any obligation. The sum of
Three Hundred Million Pesos of said capital stock has been subscribed and paid
wholly by the Government of the
“The remaining Forty-Nine Billion
Seven Hundred Million Pesos shall be subscribed by the Government of the
Republic of the
“(a)
The sum of Twenty-Nine Million Two Hundred Sixty-Seven Thousand
Six Hundred Pesos representing outstanding cost and interest of reparation
goods procured by the
Corporation
pursuant to the provisions of Republic Act Numbered Seventeen Hundred
Eighty-Nine, shall be additional paid-in subscription of the Government of the
Philippines for Two Hundred Ninety-Two Thousand Six Hundred Seventy-Six shares
of stock of said capital stock.
“(b)
The balance of said subscription shall be paid by the conversion
into equity capital of the existing bonding indebtedness, cost of reparation
goods that may be allocated in the future and surpluses of the
Corporation as well as from such as shall
be appropriated annually out of any funds in the National Treasury not
otherwise appropriated, be they collections from any or all taxes accruing to
the general funds or proceeds from loans, the issuance of bonds, treasury bills
or notes which are hereby authorized to be insured or to be issued by the
Secretary of Finance for the purpose, such
annual appropriation to be programmed and released by the
Budget Commission in accordance with the
schedule of cash requirements to be submitted by the corporation until the
balance of the unpaid subscription of the Government to the capital stock of
the
Corporation shall have been paid
in full.”
SEC.
2. This Decree shall take effect
immediately.
Done in the City of
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