MALACAÑANG
M a n i l aPRESIDENTIAL DECREE No. 1370
AMENDING SECTION 6 OF CHAPTER II OF PRESIDENTIAL DECREE NO. 269 IN ORDER TO INCREASE THE CAPITALIZATION OF THE NATIONAL ELECTRIFICATION ADMINISTRATION.
WHEREAS, under the basic policies for the rationalization of the electric power industry established under Presidential Decree No. 269, the NEA was given the responsibility of setting up electric cooperatives for the generation, transmission and distribution of electric power, and to determine privately-owned public utilities which should be permitted to remain in operation in order to attain total electrification on an area coverage basis;
WHEREAS, the magnitude of the electrification program envisioned under said decree requires the infusion of massive governmental support and financial assistance in order to achieve the ultimate objective of total electrification;
WHEREAS, the financial resources of NEA, although supplemented by foreign borrowings, are still deemed insufficient to finance and accelerate the rapid implementation of the national commitment of total electrification;
WHEREAS, it is necessary to appropriate additional funds for the immediate realization of...
Details
Amends
n/a
Amended by
n/a
Presidential Decrees
Amending Section 6 Of Chapter II Of Presidential Decree No. 269 In Order To Increase The Capitalization Of The National Electrification Administration.
Presidential Decree No. 1370
Summary of Presidential Decree No. 1370
Amending Section 6 of Presidential Decree No. 269 to Increase the Capitalization of the National Electrification Administration (NEA)
- Increases the authorized capital stock of NEA to Two Billion Pesos (₱2,000,000,000) divided into 50 million shares with a par value of ₱100 each. (Section 1)
- The shares cannot be transferred, negotiated, pledged, mortgaged, or given as security for payment of any obligation. (Section 1)
- Appropriates ₱200,000,000 from the National Treasury for the fiscal year 1978 and the same amount annually thereafter until the government's unpaid subscription to NEA's capital stock is fully paid. (Section 1)
- The annual appropriation of ₱200,000,000 and its programming and release shall remain in force until NEA's entire capital stock is paid in full. (Section 1)
- The Budget Commission shall program and release the annual appropriation in accordance with the schedule of cash requirements submitted by NEA. (Section 1)
- The decree takes effect immediately. (Section 2)
Amending Section 6 of Presidential Decree No. 269 to Increase the Capitalization of the National Electrification Administration (NEA)
- Increases the authorized capital stock of NEA to Two Billion Pesos (₱2,000,000,000) divided into 50 million shares with a par value of ₱100 each. (Section 1)
- The shares cannot be transferred, negotiated, pledged, mortgaged, or given as security for payment of any obligation. (Section 1)
- Appropriates ₱200,000,000 from the National Treasury for the fiscal year 1978 and the same amount annually thereafter until the government's unpaid subscription to NEA's capital stock is fully paid. (Section 1)
- The annual appropriation of ₱200,000,000 and its programming and release shall remain in force until NEA's entire capital stock is paid in full. (Section 1)
- The Budget Commission shall program and release the annual appropriation in accordance with the schedule of cash requirements submitted by NEA. (Section 1)
- The decree takes effect immediately. (Section 2)