RA 1145 CHAPTER VI – Capitalization and Special Fund of the PHILCOA

Section 13–14 · 2 provisions

Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails.・Read the official text ↗

Capitalization.

Section 13

SEC. 13. Capitalization.—To raise the necessary funds to carry out the provisions of this Act and the purposes of the PHILCOA, there shall be levied a fee of ten centavos for every one hundred kilo's of desiccated coconut, to be paid by the desiccating factory, coconut oil to be paid by the oil mills, and copra to be paid by the exporters, dealers or producers as the case may be. This service fee shall be collected by the PHILCOA under such rules and regulations that it shall promulgate: Provided, however, That pending the collection of service fee, the PHILCOA is hereby authorized to borrow from any banking institution the sum of fifty thousand pesos to be used m the organization and maintenance of this office.

Special Fund.

Section 14

SEC. 14. Special Fund.—The proceeds of the foregoing levy shall be set aside to constitute a special fund to be known as the "Coconut Development Fund," which shall be available exclusively for the use of the PHILCOA. All the income and receipts derived from the special fund herein created shall accrue to, and form part of, the said fund to be available solely for the use of the PHILCOA.

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Provisions on this page are reproduced verbatim from official open data. See the attribution line.

Source: Official Gazette of the Republic of the Philippines — Philippine laws are public documents (works of the government).