PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW LIBRARY
|REPUBLIC ACT NO. 471 - AN
ACT PROVIDING THAT FIFTY PER CENTUM OF THE FEES COLLECTED FROM THE
COPRA STANDARDIZATION AND INSPECTION SERVICE BY VIRTUE OF COMMERCE
ADMINISTRATIVE ORDER NUMBERED TWO, DATED JANUARY SIXTEEN, NINETEEN
HUNDRED FORTY-EIGHT, SHALL BE PAID TO THE FUNDS OF THE NATIONAL COCONUT
CORPORATION FOR THE REHABILITATION OF THE COCONUT INDUSTRY
|Section 1. To
enable the National Coconut Corporation to advance further its program
of industrialization of the coconut industry and the proper utilization
of coconut by-products as well as the improvement of the quality of
Philippine copra, fifty per centum of all the fees collected by the
Bureau of Commerce from the Copra Standardization and Inspection
Service pursuant to Commerce Administrative Order Numbered Two, dated
January sixteen, nineteen hundred forty-eight, of the Department of
Commerce and Industry, shall be kept as a special fund and turned over
to the National Coconut Corporation beginning June first, nineteen
hundred and fifty, to be spent for the purposes mentioned in
subsections (a) and (b) of section two of Commonwealth Act Numbered
Five hundred eighteen, as amended.
Sec. 2. All amounts released and turned over to the Corporation under this Act shall be charged against its total capitalization of twenty million pesos.
Sec. 3. In the event the National Coconut Corporation is liquidated or dissolved, the funds provided for herein shall be turned over to such entity or corporation as may succeed it in the functions of improving the quality of Philippine copra and industrializing the coconut industry through the proper utilization of the coconut by-products.
Sec. 4. This Act shall take effect upon its approval.
Approved: June 9, 1950