WHEREAS, Presidential Decree No. 257, dated July 21, 1973,
as emended 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 ahve 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, 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
536;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Republic of the Philippines by virtue of the powers in the vested by the
Constitution, do hereby order and decree, as part of the law of the land, the
following:
SECTION 1. A new provision is hereby inserted as Section 3-A
of Presidential Decree No. 257, as amended to read as follows.
"SEC. 3-A. Until such time that the majority of all the
bona-fide PEFTOK veterans shall have been acocunted for, issued their
corresponding shares of stock, are able to vote said stocks and elect the
members of the Board of Directors. The ex-officio members of the Board of
Directors of the Corporation shall be changed and the President of the
Philippines shall continue to designate effective, on the first day of August
every year beginning in the year 1976, from among a list of qualified: PEFTOK
veterans, the six (6) other members of the Board of Directors of the
Corporation."
SEC. 2. This Decree takes effect upon arrival.
SEC. 3. All laws, decrees, orders and rules and regulations
which are inconsistent herewith are hereby repealed or modified accordingly.
Done in the City of Manila this 14th day of July in the year of our Lord,
nineteen hundred and seventy-six.
(Sgd.) FERDINAND E. MARCOS
President of the
Philippines
By the President:
(Sgd.) JACOBO C. CLAVE
Presidential Executive Assistant.
