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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 825 - ORDERING
AND AUTHORIZING THE ORGANIZATION OF THE COCONUT INVESTMENT COMPANY AS A
PRIVATE CORPORATION UNDER THE PROVISIONS OF REPUBLIC ACT NUMBERED SIX
THOUSAND TWO HUNDRED SIXTY (R.A. 6260)
WHEREAS,
Republic Act 6260 created the Coconut Investment Company (the
“Company”) as one of the means to implement the declared national
policy to accelerate the development of the coconut industry, through
the provision of adequate medium and long term financing for capital
investment in the industry;
WHEREAS, Republic Act 6260 provides that the capital stock of the
Company shall be paid from the proceeds of the levy imposed under the
law (“Coconut Investment Fund” or “COCOFUND”, for brevity), and that
upon collection of the amount of One Hundred Million Pesos
(P100,000,000.00) or upon termination of a ten-year collection period,
whichever comes first, the Company shall be incorporated as a private
entity under the Corporation Code of the Philippines;
WHEREAS, it is also prescribed by said law that the shares of stock of
the Company organized as a private entity shall be owned by coconut
farmers who are registered holders of COCOFUND receipts;
WHEREAS, the total collections of COCOFUND already amounts to P100
Million as of 17 December 1981 or even before the lapse of the
prescribed collection period, and the coconut farmers who are
registered holders of COCOFUND receipts, through the Philippine Coconut
Producers Federation, Inc. (“SCOFFED”) have expressed their wish that
the Company be now organized as a private entity;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of
the Philippines, by virtue of the powers vested in me by the
Constitution, do hereby order:
Section 1.
Sec. 2.
Sec. 3.
Sec. 4.
Sec. 5.
Sec. 6.
Sec. 7.
Done in the City of Manila,
this 28th day of August, in the year of Our Lord, nineteen hundred
eighty-two.
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Since 19.07.98.