Section
1. Section 3 of Presidential Decree No. 257 is hereby
amended to read as follows:cralaw:red
"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. chanroblesvirtualawlibrary
"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 held by the Government of the Republic of the
Philippines for and in behalf of the PEFTOK veterans shall be
transferred to and in the name of the PEFTOK veterans who shall
thereafter vote said common shares. A PEFTOK veteran, 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. chanroblesvirtualawlibrary
"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 a total of more than one hundred shares. chanroblesvirtualawlibrary
Section 2. Section 4-a of Presidential Decree No. 257
is hereby amended to read as follows:cralaw:red
"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 has
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
paragraph, respectively, of Section 3 of 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." chanroblesvirtualawlibrary
Section 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.
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