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Executive Orders

Releasing Appropriated Funds to the National Coal Authority as Government Equity Contribution

Executive Order No. 686

EXECUTIVE ORDER NO. 686 May 5, 1981

RELEASING APPROPRIATED FUNDS TO THE NATIONAL COAL AUTHORITY AS GOVERNMENT EQUITY CONTRIBUTION

WHEREAS, the National Coal Authority was created by virtue of P.D. No. 1722 to undertake, among others, various activities in connection with the supply, distribution and use of coal as an alternative source of energy;

WHEREAS, to accomplish these purposes, Letter of Instruction No. 1103 dated January 20, 1981 directed the Treasurer of the Philippines to release to the National Coal Authority the amount of Fifty Million Pesos out of the Special Fund created under Section 8(j) of R.A. No. 6173, as amended, as equity contribution of the government.

NOW, THEREFORE, I, FERDINAND E. MARCOS, pursuant to the powers vested in me by law and the Constitution, do hereby order the following:

Sec. 1. That the National Coal Authority shall have an initial authorized capitalization in the amount of Five Hundred Million Pesos divided into five hundred thousand shares with a par value of P1,000 per share to be wholly subscribed by the...

Summary of Executive Order No. 686

Establishment of the National Coal Authority
- The National Coal Authority was created by Presidential Decree No. 1722 to undertake activities related to the supply, distribution, and use of coal as an alternative energy source. (Whereas clause)

Initial Capitalization and Government Equity Contribution
- The National Coal Authority shall have an initial authorized capitalization of Five Hundred Million Pesos, divided into five hundred thousand shares with a par value of P1,000 per share, to be wholly subscribed by the Philippine government. (Section 1)
- As an initial paid-up equity contribution, the government shall release Fifty Million Pesos to the National Coal Authority from the Special Fund created under Section 8(j) of R.A. No. 6173, as amended, pursuant to Letter of Instruction No. 1103. (Section 2)

Increase in Capitalization
- The Board of Governors may increase the capitalization of the National Coal Authority from time to time as required by its operations and objectives. (Section 3)

Effectivity
- The Executive Order shall take effect immediately. (Section 4)

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