PRESIDENTIAL DECREE NO. 514, July 19, 1974
AMENDING REPUBLIC ACT NO. 6260, ENTITLED AN “ACT INSTITUTING A COCONUT INVESTMENT FUND AND CREATING A COCONUT INVESTMENT COMPANY FOR THE ADMINISTRATION THEREOF.”
Investment Fund and creating a Coconut Investment Company to administer
said Fund provides that the corporate powers of the Company shall be
vested in a Board of Directors elected by coconut planters through
annual elections; and
WHEREAS, there is need to modify the composition of the
Board to further enhance coordination of the Company’s operations with
established government policies and programs;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers vested in me by the Constitution,
do hereby order and decree the following:
SECTION 1. The Chairman
of the Board and the General Manager of the Coconut Investment Company
shall be appointed by the President during the period that the Company
is a government corporation. They shall, together with the eleven (11)
members specified under Republic Act No. 6260, comprise a Board of
Directors of 13 members which shall exercise the corporate powers of the
Company.
SEC. 2. Any and all provisions of Republic Act No. 6260
which are inconsistent herewith are hereby repealed and/or amended
accordingly.
SEC. 3. This Decree shall take effect immediately.
Done in the City of Manila, this 19th day of July, in the year of
Our Lord, nineteen hundred and seventy-four.
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(Sgd.)
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FERDINAND E. MARCOS | ||||||
| President of the Philippines | |||||||
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By the President: | ||||||
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(Sgd.)
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ALEJANDRO MELCHOR | ||||||
| Executive Secretary | |||||||