Creation, Name, Domicile and Term.
Section 3
SEC. 3. Creation, Name, Domicile and Term. — There is hereby created a body corporate to be known as the Philippine National Oil Company, hereinafter referred to as the "Company," which shall undertake and transact the corporate business relative primarily to oil or petroleum operations as defined hereunder, and for that purpose, the Company shall have capacity to sue and be sued. "Oil or Petroleum Operation" shall include actual exploration, production, refining, tankerage and/or shipping, storage, transport, marketing, and related activities concerning oil and petroleum products. The principal office of the Company shall be determined by its Board of Directors. It may establish such offices, agencies, subsidiaries, branches or correspondents in the Philippines or abroad as its business operations would require. The Company shall have a term of fifty (50) years from the issuance hereof, which shall be deemed renewed for an equal period unless sooner dissolved by law.