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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 1021 |
The Chairman, Securities and Exchange Commission
The Chairman of the Board, National Development
Company
WHEREAS, the development of business enterprise has been one of the major concerns of the government towards the attainment of the development goals of the New Society;
WHEREAS, the recent discovery of the AGRIX irregularities necessitates immediate measures to protect the interest of the investing public;
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 direct:
1.
That a rehabilitation program be immediately formulated and implemented
for AGRIX to protect its investors, particularly the smaller ones who
have been misled to make investments in said company;
2. That the
Securities and Exchange Commission shall deputize the National
Development Company to assist in the rehabilitation program and
transfer to it the management of all assets of the AGRIX;
3. The NDC
shall advance funds for operational purposes of the AGRIX upon approval
by the Budget Minister and the President;
4. That the
Minister of Industry shall act under my instructions to bring
about the successful conclusion of the rehabilitation program;
5. That an
Investment Advisory Committee shall be organized to be composed of
three outstanding and reputable individuals from the investment circle,
whom I shall appoint upon the recommendation of the Ministry of
Industry, to review and approve the rehabilitation program for AGRIX
before the same is submitted to the shareholders for approval.
These Instructions shall take effect immediately.
Done in the City of Manila, this 15th day of May, in the year of Our Lord, nineteen hundred and eighty.
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