PRESIDENTIAL DECREE NO. 1225, October 21, 1977
EXEMPTING THE COOPERATIVE DEVELOPMENT LOAN FUND FROM THE COVERAGE OF PRESIDENTIAL DECREE NO. 711.
WHEREAS, the Cooperative Development Loan Fund (CDLF) under
Presidential Decree No. 175 as the financing arm of the cooperative development
program is vital to the attainment of the objectives of Presidential Decree No.
175.
WHEREAS, the Cooperative Development Loan Fund together with
its earnings was originally intended to be a revolving fund;
WHEREAS, the Cooperative Development Loan Fund, as and when
it increases its assets and develops capability, may be converted into a Bank
for Cooperatives as part of the overall program for cooperative development;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the
Philippines, by virtue of the powers in me vested by the Constitution, do hereby
promulgate the following:
- The Cooperative Development Loan Fund created under Presidential Decree No.
175 is hereby exempted from coverage of Presidential Decree No. 711. - The Decree shall take effect immediately.
Done in the City of Manila, this 21st day of October, in the Year of Our
Lord, nineteen hundred and seventy-seven.