PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW LIBRARY
REPUBLIC ACTS
REPUBLIC ACT NO. 1369 - AN
ACT APPROPRIATING THE SUM OF THIRTY MILLION PESOS, OUT OF THE PROCEEDS
OF THE SALE OF BONDS TO BE ISSUED UNDER REPUBLIC ACT NUMBERED ONE
THOUSAND OR FROM ANY LOAN, FOR THE PURPOSE OF FINANCING THE MANUFACTURE
OF COCONUT PRODUCTS AND BY-PRODUCTS AND THE COMPONENT PARTS OF COCONUT
TREES, AND OTHERWISE FOR THE INDUSTRIALIZATION OF THE COCONUT TREES AND
COCONUT PRODUCTS AND BY-PRODUCTS |
Section 1. There
is hereby appropriated, out of the proceeds of the sale of bonds to be
issued under Republic Act Numbered One thousand or from any loan, the
sum of thirty million which shall be invested: (a) in the construction,
establishment and operation of necessary centrals or mills for the
manufacture, on commercial scale, or industrialization of coconut
products and by-products and the component parts of coconut trees,
hereinafter called coconut centrals; or (b) in loans to persons who are
citizens of the Philippines or to associations or corporations
organized under the laws of the Philippines, the capital of which is
owned by the citizens of the Philippines, for the purpose of financing
the establishment of such centrals or mills; or (c) in shares,
hereafter called contributions, or in subscriptions by the Government
to the capital of such associations or corporations engaged or which
will engage in such enterprise or coconut industrialization.cralaw
Sec. 2. The administration and investment of the
sum appropriated under section one shall be vested in the Philippine
Coconut Administration. In pursuant hereof, the Philippine Coconut
Administration is authorized and empowered: Sec. 3. Such shares contributed by the Philippine Coconut Administration to the capital of a partnership or shares of stock of a corporation subscribed by it shall be sold at any time at its actual market value or at least its par value to private individuals who are citizens of the Philippines who may desire to buy such shares: Provided, however, That in the sale of the said shares contributed by the Philippine Coconut Administration to the capital of a partnership or of the said shares of stock subscribed by it, the members of the partnership or the stockholders of the corporation, as the case may be, shall be given at least six months' option within which to purchase the said shares in proportion to their respective holdings, but in the absence of such buyers, preference shall be given to residents of the locality or province where the partnership or corporation is located, as the case may be.cralaw
Sec. 4. All loans authorized under this Act shall
be made upon the security of a mortgage of, or deed of trust on, the
assets of the enterprise to be established and operated with the
proceeds of such loans: Provided, That the amount of each loan shall
not exceed seventy per cent of the appraised value of real assets given
as security: Provided, further, That the appraised value of said real
assets shall be determined by the PHILCOA. All said loans shall be
self-liquidating within a period of not to exceed ten years, and shall
bear interest at the rate of six per centum per annum: Provided,
however, That all such loans shall be on such terms and conditions
relating to the expenditure of the moneys loaned as the Philippine
Coconut Administration shall determine and may be made payable in whole
or in part out of the income of the enterprise for the establishment
and operation of which the loans were made: Provided, further, That
said loans shall not be made or approved unless the Philippine Coconut
Administration finds and certifies that in its judgment the security
therefor is reasonably adequate and such loans will be repaid within
the time agreed. Sec. 6. For the purpose of making the studies and investigations herein provided for, the Philippine Coconut Administration may request and utilize, with the approval of the proper Heads of Departments, free of charge, such services of national officers and employees and of officers and employees of any Government-owned or controlled corporation as are available, and such services so utilized shall be considered to have been rendered to the departments, bureaus or offices in which they are employed.cralaw Sec. 7. The Philippine Coconut Administration is empowered to issue the necessary rules and regulations to carry out the provisions of this Act. It shall present to the Congress at the close of each fiscal year a full report of its activities under this Act.cralaw Sec. 8. The penalty of imprisonment for one year to five years shall be imposed upon any person or persons found guilty of violating the provisions of this Act.cralaw
Sec. 9. This Act shall take effect upon its
approval.cralaw Approved: June 18, 1955 |
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