WHEREAS, the structural reorganization instituted in the
Office of the President of the Philippines has affected the composition
of the ex-officio members of the Board of Directors of the Philippine
Aerospace Development Corporation;
WHEREAS, in view thereof, the charter provisions on the
Board of Directors of the Corporation requires appropriate amendment;
NOW, THEREFORE, I, FERDINAND E. MARCOS, by virtue of the
powers vested in me by the Constitution as Commander-in-Chief of all the
Armed Forces of the Philippines, and pursuant to Proclamation No. 1081,
dated September 21, 1972, and General Order No. 1, dated September 22,
1972, as amended, and in order to effect the desired changes and reforms
in the social and economic structure of our Society, do hereby order
and decree that the provisions of Section 6 of Presidential Decree No.
696 be amended to read as follows:
"SECTION 6. Board of Directors. The Corporation
shall be governed and its activities shall be directed, controlled and
managed by a Board of Directors which shall be composed of the following
ex-officio members, namely the Secretary of Public Works,
Transportation and Communications, the Secretary of Finance, the
Secretary of Industry, the Secretary of National Defense, the Chairman,
Board of Governors of the Development Bank of the Philippines, the
General Manager of the Government Service Insurance System and three(3)
other members to be appointed by the President of the Philippines. The
first appointive director shall serve for a term of one(l) year,
the second, for a term of two (2) years, and the third, for a term of
three (3) years, after which their successors shall serve for a term of
two (2) years. In addition, any official exercising voting powers in
accordance with Section 4, paragraph g, of this Decree shall
automatically become an ex-officio member of the Board of Directors,
provided that the number of shares of stock of the Corporation owned or
subscribed by the institution represented by such official constitute at
least nine percentum (9%) of the total subscribed capital stock of the
Corporation. All members of the Board, whether appointed or ex-officio
shall enjoy the same powers, rights, and privileges as may be
established by the Board for the conduct of its affairs. The President
of the Philippines shall appoint a Chairman from among the directors."
This Decree shall take effect immediately.
Done in the City of Manila, this 11th day of December, in the
year of Our Lord, nineteen hundred and seventy-five.
(Sgd.)
FERDINAND E. MARCOS
President
Republic of the Philippines
By the President:
(Sgd.)
JACOBO C. CLAVE
Presidential Executive Assistant