Creation of the PNL.
Section 1
SECTION 1. Creation of the PNL.—There is hereby created a body corporate and politic to be known as the Philippine National Lines, hereinafter referred to as PNL, which shall be governed by this Decree and its by-laws as authorized hereunder and shall have succession for a period of fifty (50) years from and after the date of approval of this Decree. The principal office of the PNL shall be located in a place to be determined by the Board of Directors.