AMENDING REPUBLIC ACT NO. 6260, ENTITLED AN "ACT INSTITUTING A COCONUT INVESTMENT FUND AND CREATING A COCONUT INVESTMENT COMPANY FOR THE ADMINISTRATION THEREOF."

• Number: Presidential Decree No. 514
• Sections: 4

Preamble

WHEREAS, Republic Act No. 6260 instituting a Coconut

Investment Fund and creating a Coconut Investment Company to administer

said Fund provides that the corporate powers of the Company shall be

vested in a Board of Directors elected by coconut planters through

annual elections; and

WHEREAS, there is need to modify the composition of the

Board to further enhance coordination of the Company's operations with

established government policies and programs;

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

Philippines, by virtue of the powers vested in me by the Constitution,

do hereby order and decree the following:

Section 1

SECTION 1. The Chairman

of the Board and the General Manager of the Coconut Investment Company

shall be appointed by the President during the period that the Company

is a government corporation. They shall, together with the eleven (11)

members specified under Republic Act No. 6260, comprise a Board of

Directors of 13 members which shall exercise the corporate powers of the

Company.

Section 2

SEC. 2. Any and all provisions of Republic Act No. 6260

which are inconsistent herewith are hereby repealed and/or amended

accordingly.

Section 3

SEC. 3. This Decree shall take effect immediately.

Done in the City of Manila, this 19th day of July, in the year of

Our Lord, nineteen hundred and seventy-four.

(Sgd.)

FERDINAND E. MARCOS

President of the Philippines

By the President:

(Sgd.)

ALEJANDRO MELCHOR

Executive Secretary