Amending Presidential Decree No. 492, As Amended, Entitled "Creating The Metro Manila Transit Corporation, Appropriating The Funds Therefor And For Other Purposes
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Amending Presidential Decree No. 492, As Amended, Entitled "Creating The Metro Manila Transit Corporation, Appropriating The Funds Therefor And For Other Purposes
Presidential Decree No. 1465
June 11, 1978
Case Overview and Summary
Summary of Presidential Decree No. 1465Amending Presidential Decree No. 492 on the Metro Manila Transit Corporation
- Background and Policy:
• The state aims to rationalize and integrate public transportation services in Metro Manila. (Preamble)
• The Metro Manila Transit Corporation was created to achieve this objective, with an initial capital stock divided into 3 million shares. (Preamble)
- Capital Stock and Appropriation:
• The authorized capital stock is divided into 26 million voting, no par value shares. (Section 1)
• The government shall subscribe and pay for 25 million shares. (Section 1)
• An amount of 125 million pesos is appropriated from the general funds to fully pay for the government's subscription of 25 million shares. (Section 1)
• The schedule of releases shall be approved by the President of the Philippines. (Section 1)
- Immediate Effect:
• This Decree shall take effect immediately. (Section 2)
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Executive Issuances
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Metro Manila Transit Corporation
public transportation
capital stock
government subscription
appropriation
integration of services
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Amending Presidential Decree No. 492, As Amended, Entitled "Creating The Metro Manila Transit Corporation, Appropriating The Funds Therefor And For Other Purposes
Presidential Decree No. 1465
•June 11, 1978
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 1465
AMENDING PRESIDENTIAL DECREE NO. 492, AS AMENDED, ENTITLED "CREATING THE METRO MANILA TRANSIT CORPORATION, APPROPRIATING THE FUNDS THEREFOR AND FOR OTHER PURPOSES.
WHEREAS, under Presidential Decree No. 492, dated 27 June 1974, as amended by Presidential Decree No. 860, and 1168 it has been declared to be the policy of the state to rationalize and integrate public transportation services;
WHEREAS, to attain this objective, the Metro Manila Transit Corporation was created with a capital stock divided into Three Million (3,000,000) shares to be subscribed and paid for by the Government in the total sum of Ten Million Pesos (P10,000,000) while the remaining One Million (1,000,000) shares are to be sold to persons or entities operating public utility vehicles in Metro Manila;
WHEREAS, the paid-in capital of Ten Million Pesos (P10,000,000), although increased by Fifteen Million Pesos (P15,000,000) under Presidential Decree No. 1168, representing the total subscription of the government to the capital stock of the corporation is still inadequate to enable the corporation to achieve...
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