REPUBLIC ACT NO. 4897 - AN ACT TO
FURTHER AMEND COMMONWEALTH ACT NUMBERED ONE HUNDRED TWENTY, AS AMENDED
BY REPUBLIC ACT NUMBERED TWENTY-SIX HUNDRED AND FORTY-ONE AND REPUBLIC
ACT NUMBERED THIRTY HUNDRED AND FORTY-THREE
Section 1. Section two-A of Commonwealth Act Numbered One
hundred twenty, as such section was inserted therein by Republic Act
Numbered Twenty-six hundred and forty-one and amended by Republic Act
Numbered Thirty hundred and forty-three, is hereby amended to read as
follows:
"Sec. 2-A. The National Power Corporation shall have
an authorized capital of three hundred million pesos divided into three
million shares having a par value of one hundred pesos each, which
shares may not be transferred, negotiated, pledged, mortgaged, or
otherwise given as security for the payment of any obligation. The said
capital stock shall be subscribed wholly by the Government of the
Philippines and shall be paid as follows:
"The sum of eighty-two million pesos advanced to the National Power
Corporation by the Government of the Philippines pursuant to the
provisions of Republic Act Numbered Two hundred sixty-six shall be the
paid-in subscription for eight hundred twenty thousand shares of stock
of said capital stock;
"The surplus of twenty-eight million eight hundred eleven thousand
pesos of the National Power Corporation shall be capitalized, and shall
also be an additional paid-in subscription of the Government of the
Philippines for two hundred eighty-eight thousand and one hundred ten
shares of stock of the capital stock; and
"The balance of one hundred eighty-nine million one hundred eighty-nine
thousand pesos shall be paid by conversion of the existing bonded
indebtedness into equity capital and from surpluses of the Corporation,
and in the absence thereof, from bond issue upon request of the
National Power Corporation for scientific projects duly approved by the
President of the Philippines to wit;
"The sum of one hundred thirty-nine million, one hundred eighty-nine
thousand pesos corresponding to bonded indebtedness which had been
already converted into capital stock, subscribed by the Government of
the Philippines, equivalent to paid-in subscription of one million,
three hundred ninety-one thousand eight hundred ninety shares of stock.
"The remaining sum of fifty million pesos, consisting of the following:
"Interests consisting of three million three hundred forty thousand
five hundred eighty-seven pesos and sixty-one centavos representing
excess interests on the amount of fifty-two million ninety pesos and
twenty-seven centavos advanced to the National Power Corporation by
virtue of Republic Act Numbered Two hundred and sixty-six;
"Thirty-five million five hundred fifty-six thousand one hundred
seventy-two pesos and twenty-eight centavos interests that will have
accrued up to June thirty, nineteen hundred sixty-seven on the bonded
indebtedness of one hundred thirty-nine million one hundred eighty-nine
thousand pesos and such interests of the advanced already capitalized;
and
"Eleven million one hundred three thousand two hundred forty pesos and
eleven centavos from the surpluses of the Corporation shall be paid in
subscription of the Government of the Philippines for five hundred
thousand shares of stock, which shall be considered as the additional
authorized capitalization of the National Power Corporation.
Sec. 2. This Act shall take effect upon its
approval.
Approved: June 17, 1967
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