Further Amending Presidential Decree No. 257 Creating The PEFTOK Investment And Development Corporation, As Amended

MALACAÑANG
M a n i l a

PRESIDENTIAL DECREE No. 959 July 14, 1976

FURTHER AMENDING PRESIDENTIAL DECREE NO. 257 CREATING THE PEFTOK INVESTMENT AND DEVELOPMENT CORPORATION, AS AMENDED

WHEREAS, Presidential Decree No. 257, dated July 21, 1973, as amended by presidential Decree No. 536, dated August 9, 1974, prescribes that within three (3) years from the date of promulgation of said Presidential Decree No. 257, all members of PEFTOK units be determined and declared to have been accounted for by the Board of Directors of the PEFTOK Investment and Development Corporation in order to transfer all the stocks therein to the PEFTOK veterans;

WHEREAS, because of time constraints, only 3,300 of the total of about 8,000 PEFTOK veterans have been accounted for;

WHEREAS, considering that it will take longer time to locate and account for the rest of the 8,000 PEFTOK veterans, it is necessary that appropriate amendment be made in the aforesaid Presidential Decrees No. 257 and No. 536;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the...

Login to see full content

Summary of Presidential Decree No. 959

Amending Presidential Decree No. 257 on PEFTOK Investment and Development Corporation

- Extends the timeline for accounting for all PEFTOK veterans and issuing them corresponding shares of stock (Section 1)
• Until the majority of PEFTOK veterans are accounted for and issued shares, the ex-officio members of the Board of Directors shall not be changed (Section 3-A)
• The President shall continue to designate 6 other members of the Board from a list of qualified PEFTOK veterans annually starting August 1, 1976 (Section 3-A)

- Effective date: Upon approval (Section 2)

- Repeals or modifies inconsistent laws, decrees, orders, and regulations (Section 3)