Name, duration and domicile.
SECTION 1. Name, duration and domicile.—A corporation is hereby created which shall be known as the Philippine Coconut Administration, hereafter called the PHILCOA, which shall be organized within sixty days after the approval of this Act and shall be under the direct supervision of the Office of Economic Coordination. It shall have its main office in the City of Manila, and such branches and agencies within or outside the Philippines, as may be necessary for the proper conduct of its business.
Purposes and objectives.
SEC. 2. Purposes and objectives.—The PHILCOA shall have the following purposes and objectives:
To ensure the steady and orderly development of the coconut industry, and to stabilize and strengthen its position in the world markets;
To promote the effective merchandising of copra, coconut oil, coconut products and by-products in the domestic and foreign markets so that those who are engaged in the coconut industry will be placed on a basis of economic security: Provided, however, That the PHILCOA may not engage in trading in any form without the prior approval of the President of the Philippines, which approval may be given only after prior recommendation of the National Economic Council;
To improve the tenancy relations between coconut proprietors and tenants and the living conditions of laborers engaged in the coconut industry;
To encourage the invention of useful machinery that will hasten the development of the coconut industry.
