EXECUTIVE ORDER NO. 513
EXECUTIVE ORDER NO. 513 -
CONVERTING THE MARCOS GOLF FOUNDATION OF THE PHILIPPINES INTO A PRIVATE
FOUNDATION AND FOR OTHER PURPOSES
WHEREAS,
Presidential Decree No. 1783, dated January 15, 1981, created the
Marcos Golf Foundation of the Philippines as a non-municipal public
corporation for the purpose, among others, “to promote golf in the
country as a basis of developing sports program;”
WHEREAS, since 1986, the government has undertaken a program for the
reorganization of the government corporate sector, one feature of
which, among others, is to convert a number of government-owned or
controlled corporations into private entities;
WHEREAS, for the purpose of reorganizing the government corporate
sector, the Department of Budget and Management pursuant to its mandate
under Executive Orders Nos. 5 and 165, dated March 12, 1986 and May 5,
1987, respectively, has recommended that the Marcos Golf Foundation of
the Philippines be converted into a private foundation;
WHEREAS, the Secretary of Justice in Opinion No. 210, series of 1988,
opined that Sec. 22 of Proclamation No. 50, dated December 8, 1986,
as amended, empowers the President of the Philippines to amend or
repeal the laws creating government-owned or controlled corporations
for divestment, dissolution, consolidation, merger or regulation;
NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, by
virtue of the powers vested in me by law, do hereby order:
Section 1. Abolition. — The Marcos Golf Foundation of
the Philippines is hereby abolished.
Sec. 2. Incorporation. — The Board of trustees of
the present Marcos Golf Foundation of the Philippines, by exclusive
authority herein granted, shall, within thirty (30) days from the
effectivity of this Executive Order, perform all acts necessary for the
formation and registration of a private, non-stock, and non-profit
foundation with the Securities and Exchange Commission, which shall
have such appropriate and lawful objectives, powers and functions as
the Board of Trustees of the present Marcos Golf Foundation of the
Philippines may determine. No other public or private groups of
individuals shall be authorized to form, organize or operate directly
or indirectly a foundation, corporation, partnership, or association
with the same name or substantially the same name, objectives powers
and functions as the present Marcos Golf Foundation of the Philippines,
or such succeeding foundation.
Sec. 3. Personnel. — Upon the effectivity of this
Executive Order, the officers and employees of the Marcos Golf
Foundation of the Philippines shall continue to perform their
corresponding duties and responsibilities in a holdover capacity and
receive their corresponding salaries and other benefits, unless in the
meantime they have been duly separated, laid off or retired from the
service. Upon the registration of said foundation, they shall be deemed
to be separated from the service and shall be entitled to such
termination benefits they may be entitled to under pertinent laws,
rules and regulations; Provided, however, that they shall be preferred
for employment in the same or comparable positions in said private
foundation.
Sec. 4. Disposition of Assets. — The assets of the
Marcos Golf Foundation of the Philippines, net of liabilities, shall,
upon the registration of such foundation, be transferred to it without
consideration and shall thereby constitute its capital fund. Should
liabilities exceed assets, the same shall be paid in accordance with
the provisions of the Civil Code of the Philippines on the concurrence
and preference of credits.
Sec. 5. Notice of Consent Requirement. — If any
reorganization change authorized in this Executive Order is of such
substance or materiality as to prejudice third persons with rights
recognized by law or contract, such that notice to, or consent of,
creditors is required to be made or obtained pursuant to any agreement
entered into with any of such creditors, such notice or consent
requirement shall be complied with prior to the implementation of such
reorganization change.
Sec. 6. Separability. — Any portion or provision
of this Executive Order that may be declared unconstitutional or
invalid shall not have the effect of nullifying other portions or
provisions hereof as long as such remaining portions or provisions can
still subsist and be given effect in their entirety.
Sec. 7. Repeal. — Presidential Decree No. 1783,
dated January 15, 1981, is hereby repealed. All other laws, rules and
regulations and other issuances or part thereof, which are contrary or
inconsistent herewith, are hereby repealed or modified
accordingly.
Sec. 8. Effectivity. — This Executive Order shall
take effect upon approval.
APPROVED in the City of Manila,
this 25th day of March, in the year of Our Lord, nineteen hundred and
ninety-two.
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Since 19.07.98.