EXECUTIVE ORDER NO. 825 August 28, 1982
ORDERING AND AUTHORIZING THE ORGANIZATION OF THE COCONUT INVESTMENT COMPANY AS A PRIVATE CORPORATION UNDER THE PROVISIONS OF REPUBLIC ACT NUMBERED SIX THOUSAND TWO HUNDRED SIXTY (R.A. 6260)
WHEREAS, Republic Act 6260 created the Coconut Investment Company (the "Company") as one of the means to implement the declared national policy to accelerate the development of the coconut industry, through the provision of adequate medium and long term financing for capital investment in the industry;
WHEREAS, Republic Act 6260 provides that the capital stock of the Company shall be paid from the proceeds of the levy imposed under the law ("Coconut Investment Fund" or "COCOFUND", for brevity), and that upon collection of the amount of One Hundred Million Pesos (P100,000,000.00) or upon termination of a ten-year collection period, whichever comes first, the Company shall be incorporated as a private entity under the Corporation Code of the Philippines;
WHEREAS, it is also prescribed by said law that the shares of stock of the Company organized as a private entity...
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Executive Orders
Ordering and Authorizing the Organization of the Coconut Investment Company as a Private Corporation Under the Provisions of Republic Act Numbered Six Thousand Two Hundred Sixty (R.A. 6260)
Executive Order No. 825
Summary of Executive Order No. 825
Incorporation of the Coconut Investment Company as a Private Corporation
- Pursuant to Republic Act 6260, the Coconut Investment Company (the "Company") shall be incorporated as a private entity under the Corporation Code of the Philippines. (Sec. 1)
- The initial fully-paid stock of the Company shall be equal to the total collections of the COCOFUND, including interest earned up to the date of incorporation as a private entity, amounting to P100 Million as of December 17, 1981. (Sec. 2)
- All shares of stock shall be owned by coconut farmers who have registered their COCOFUND receipts under R.A. 6260. (Sec. 2)
- The initial subscription to the capital stock shall be placed in the name of coconut farmers acting through the Philippine Coconut Authority (PCA). (Sec. 2)
- After incorporation, shares shall be transferred to and in the name of coconut farmers, following prescribed rules and regulations. (Sec. 2)
Voting Rights and Representation
- Pending distribution of shares, the Philippine Coconut Producers Federation (COCOFED) shall vote the shares as the recognized national association of coconut producers. (Sec. 3)
Transfer of COCOFUND Collections
- Trust funds distributed to PCA and the Development Bank of the Philippines under Executive Order No. 817, constituting the COCOFUND collections and earnings, shall be transferred to the account of the Company. (Sec. 4)
Transfer of Powers, Functions, and Assets
- All powers (except the power to levy), functions, privileges, rights, outstanding assets, and liabilities of the Coconut Investment Company created under R.A. 6260 and abolished by Executive Order No. 817 shall be transferred to the Company incorporated as a private entity. (Sec. 5)
Implementation and Reporting
- The PCA shall submit a report on the implementation of this Order within 30 days from the incorporation of the Company as a private entity. (Sec. 6)
Effectivity
- This Executive Order shall take effect immediately. (Sec. 7)
Incorporation of the Coconut Investment Company as a Private Corporation
- Pursuant to Republic Act 6260, the Coconut Investment Company (the "Company") shall be incorporated as a private entity under the Corporation Code of the Philippines. (Sec. 1)
- The initial fully-paid stock of the Company shall be equal to the total collections of the COCOFUND, including interest earned up to the date of incorporation as a private entity, amounting to P100 Million as of December 17, 1981. (Sec. 2)
- All shares of stock shall be owned by coconut farmers who have registered their COCOFUND receipts under R.A. 6260. (Sec. 2)
- The initial subscription to the capital stock shall be placed in the name of coconut farmers acting through the Philippine Coconut Authority (PCA). (Sec. 2)
- After incorporation, shares shall be transferred to and in the name of coconut farmers, following prescribed rules and regulations. (Sec. 2)
Voting Rights and Representation
- Pending distribution of shares, the Philippine Coconut Producers Federation (COCOFED) shall vote the shares as the recognized national association of coconut producers. (Sec. 3)
Transfer of COCOFUND Collections
- Trust funds distributed to PCA and the Development Bank of the Philippines under Executive Order No. 817, constituting the COCOFUND collections and earnings, shall be transferred to the account of the Company. (Sec. 4)
Transfer of Powers, Functions, and Assets
- All powers (except the power to levy), functions, privileges, rights, outstanding assets, and liabilities of the Coconut Investment Company created under R.A. 6260 and abolished by Executive Order No. 817 shall be transferred to the Company incorporated as a private entity. (Sec. 5)
Implementation and Reporting
- The PCA shall submit a report on the implementation of this Order within 30 days from the incorporation of the Company as a private entity. (Sec. 6)
Effectivity
- This Executive Order shall take effect immediately. (Sec. 7)