FURTHER AMENDING PRESIDENTIAL DECREE NO. 257 CREATING THE PEFTOK INVESTMENT AND DEVELOPMENT CORPORATION, AS AMENDED

• Number: Presidential Decree No. 959
• Sections: 4

Preamble

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

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."

Section 2

SEC. 2. This Decree takes effect upon arrival.

Section 3

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which are inconsistent herewith are hereby repealed or modified accordingly.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.