Presidential
Decree No. 1516
FURTHER AMENDING THE CHARTER
OF THE
PHILIPPINE NATIONAL OIL COMPANY AS
PROVIDED FOR IN
PRESIDENTIAL DECREE NO. 334, AS AMENDED
WHEREAS,
under
Presidential Decree No. 334, as amended, the
Philippine National Oil Company is expressly
tasked with:
(a) maintaining an adequate and stable supply of oil and petroleum products;
(b) promoting the exploration, exploitation and development of local oil, petroleum and other energy resources, and
(c) fostering conditions relating to oil or petroleum operations and other energy resources exploitation, conducive to a balanced and sustainable growth of the economy.
WHEREAS,
to enable the
Philippine National Oil Company
to attain these objectives efficiently and expeditiously, it is necessary that
it be granted sufficient powers and incentives;
NOW,
THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the
SECTION
1. Section 7 is hereby amended to read
as follows:
“SEC. 7. Capital
Stock. – The
Company shall have a capital stock divided
into ten million no-par shares to be subscribed, paid for and voted as follows:
“(a) Two million shares of stock shall
be originally subscribed and paid for by the Republic of the
“(b) The remaining eight million
shares of stock may be subscribed and paid for by the Republic of the
“The voting power pertaining to shares
of stock subscribed by the government of the Republic of the
“The voting power pertaining to shares
of stock subscribed by the government institutions shall be vested in them.”
SEC.
2. Section 10 is hereby amended to read
as follows:
“SEC. 10. General
Counsel. – The
Secretary of Justice or the
Solicitor General shall perform the duties of
General Counsel of the
Company. Any provision of law to the contrary
notwithstanding, the
Secretary of Justice
of the
Solicitor General and such
personnel as may be necessary to assist him in the performance of his duties
and responsibilities shall receive such allowances as shall be fixed by the
Board.”
SEC.
3. Effectivity. – This Decree shall take effect immediately
upon approval.
Done
in the City of
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