AMENDING PRESIDENTIAL DECREE NO. 257 CREATING THE PEFTOK INVESTMENT AND DEVELOPMENT CORPORATION.

“SEC. 3. The capital stock of the PEFTOK Corporation
shall be four million pesos (P4,000,000.00) divided into four hundred
thousand (400,000) common shares with a par value of ten pesos (P10.00)
each.

“At least fifty one per cent (51%) of the capital stock of the
PEFTOK Corporation shall be fully subscribed by the Government of the
Republic of the Philippines for and in behalf of the PEFTOK veterans and
the amount of two million one hundred ninety eight thousand and three
hundred sixty pesos (P2,198,360.00) shall be initially paid and
transferred to said corporation out of the PEFTOK savings under Republic
Act No. 573: Provided, That within three years from the date of
the proclamation of this decree all shares of capital stock subscribed
and hold by the Government of the Republic of the Philippines for an in
behalf of the PEFTOK veterans shall be transferred to and in the name of
PEFTOK veteran, who shall thereafter rote said common shares a PEFTOK
veterans, his widow, or legitimate children shall only be entitled to
thirty common shares: Provided, That after all the members of
PEFTOK units shall have been determined, and declared to have been
accounted for, by the Board of Directors, the Board shall immediately
determine the number of unsubscribed capital stock of the corporation
which, shall be made available for subscription by PEFTOK veterans.

“The sale or transfer of common shares to a party not a PEFTOK
veteran shall not be allowed under any circumstance. Any share may be
sold or transferred to the corporation which shall issue the same to
stockholders who are veterans: Provided, That no PEFTOK veteran
shall be issued at total of more than one hundred shares.

SEC. 2. Section 4-A of the Presidential Decree No. 257 is
hereby amended to read as follows:

“SEC. 4-A. As used in this decree, a PEFTOK veteran is an
officer or enlisted man of the Armed Forces of the Philippines, active,
inactive, or honorably separated from the service, who had served with
any unit of the Philippine Expeditionary Forces to Korea (PEFTOK) as
duly certified by the Adjutant General of the Armed Forces of the
Philippines, or the widow and legitimate children of such officer or
enlisted person: Provided, That for purposes of subscription to
the unsubscribed capital stock of the corporation and the sale or
transfer of common shares of the corporation as provided in the last
proviso to paragraph two and the last paragraph, respectively, of
Section 3 Presidential Decree No. 257 as amended by Section 1 of this
Decree, the term “PEFTOK veterans” or “veterans” shall include other
persons who served in PEFTOK units as determined and declared by the
Board and honorary members as may be authorized by the Board from time
to time.”

SEC. 3. This decree shall take effect upon its approval.

Done in the City of Manila, this 9th day of August, in the
year of Our Lord, nineteen hundred and seventy-four.