Amending Presidential Decree No. 257 Creating The PEFTOK Investment And Development Corporation
Download as PDF
Download as Word
Collections
Create new Collection
Overview
Full Text
Details
Case
Agency Issuance Number
Published Date
Amending Presidential Decree No. 257 Creating The PEFTOK Investment And Development Corporation
Presidential Decree No. 536
August 9, 1974
Case Overview and Summary
SUMMARY OF PRESIDENTIAL DECREE NO. 536Capital Stock of PEFTOK Corporation
- The capital stock of PEFTOK Corporation is P4,000,000 divided into 400,000 common shares with a par value of P10 each. (Section 1)
- At least 51% of the capital stock shall be fully subscribed by the Philippine government on behalf of PEFTOK veterans, amounting to P2,198,360. (Section 1)
- Within 3 years from the decree's proclamation, all shares held by the government shall be transferred to PEFTOK veterans. (Section 1)
- A PEFTOK veteran, widow, or legitimate child is entitled to 30 common shares. (Section 1)
- After accounting for all PEFTOK members, unsubscribed shares shall be available for subscription by PEFTOK veterans. (Section 1)
- Sale or transfer of shares to non-PEFTOK veterans is not allowed. (Section 1)
- Shares may be sold or transferred to the corporation, which shall issue them to veteran stockholders. (Section 1)
- No PEFTOK veteran shall be issued more than 100 shares. (Section 1)
Definition of PEFTOK Veteran
- A PEFTOK veteran is an officer or enlisted man of the Armed Forces of the Philippines who served in any PEFTOK unit, as certified by the Adjutant General, or their widow and legitimate children. (Section 2)
- For subscription to unsubscribed shares and transfer of shares, "PEFTOK veterans" or "veterans" also includes other persons who served in PEFTOK units as determined by the Board, and honorary members authorized by the Board. (Section 2)
Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Presidential Decrees
PEFTOK Corporation
Capital Stock
Common Shares
PEFTOK Veterans
Philippine Expeditionary Forces to Korea
Armed Forces of the Philippines
Share Subscription
Share Transfer
Widow
Legitimate Children
Honorary Members
Law
Amending Presidential Decree No. 257 Creating The PEFTOK Investment And Development Corporation
Presidential Decree No. 536
•August 9, 1974
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 536 August 9, 1974
AMENDING PRESIDENTIAL DECREE NO. 257 CREATING THE PEFTOK INVESTMENT AND DEVELOPMENT CORPORATION
Section 1. Section 3 of Presidential Decree No. 257 is hereby amended to read as follows:
"Sec. 3. The capital stock of the PEFTOK Corporation shall be four million pesos (P4,000,000.00) divided into four hundred thousand (400,000) common shares with a par value of ten pesos (P10.00) each.
"At least fifty one per cent (51%) of the capital stock of the PEFTOK Corporation shall be fully subscribed by the Government of the Republic of the Philippines for and in behalf of the PEFTOK veterans and the amount of two million one hundred ninety eight thousand and three hundred sixty pesos (P2,198,360.00) shall be initially paid and transferred to said corporation out of the PEFTOK savings under Republic Act No. 573; Provided, That within three years from the date of the proclamation of this decree all shares of capital stock subscribed and held by the Government of the Republic of the...
Login to see full content
Amends
n/a
Amended by
n/a