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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 627 |
1.
The report of the Military Board of Directors of the Makati Golf &
Country Club, Inc. submitted to my Office, in pursuance of Letter of
Instruction 374, disclosed that several alternatives of financing the
development of the Makati Golf & Country Club, Inc., had been
explored and found financially unfeasible. Considering the fact that
the development of the club cannot continue without the necessary
funding support, I hereby grant you the authority to liquidate any or
all of the assets of MGCCI to prevent further deterioration thereof.
2. In view of
the foregoing, and in order to protect the interest of the members, you
are hereby directed to take the following action:
a.
to offer to the public the properties of MGCCI for sale;
b. to sell the
properties to the highest bidder by lot or by piece;
c. to keep in
trust the proceeds of the sale of the assets which amount will be used
to pay all corporate liabilities, and the balance, if any, to be
distributed among the members;
d. to ensure
that the liquidation of the assets does not prejudice the cases filed
against the members of the Webber family and their associates;
and
e. to make
coordination on this matter with other government or private agencies,
as may be necessary.
Done in the City of Manila, this 17th day of November, in the year of Our Lord, nineteen hundred and seventy-seven.
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Since 19.07.98.