PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES
REPUBLIC ACTS
REPUBLIC ACT NO. 1601 - AN
ACT TO AMEND REPUBLIC ACT NUMBERED THIRTEEN HUNDRED FORTY-FIVE,
ENTITLED "AN ACT CREATING THE NATIONAL MARKETING CORPORATION AND
DISSOLVING THE PRICE STABILIZATION CORPORATION, APPROPRIATING FUNDS
THEREFOR, AND FOR OTHER PURPOSES |
Section 1.
Subsection (d) of section five of Republic Act Numbered Thirteen
hundred forty-five is hereby amended to read as follows: "(d) To
establish and operate distribution offices and agencies and/or to enter
into contracts with wholesale business throughout the Philippines for
the purchase and distribution of such commodities that may be deemed
essential for carrying out the purposes of the Corporation authorized
in this Act: Provided, That the distribution of such commodities shall
be done thru Filipinos only;"
Sec. 2. Subsection (b) of section six of Republic Act Numbered Thirteen hundred forty-five is hereby amended to read as follows: "(b) To help
the NAMARCO defray part of its operating expenses the Board of
Directors may appropriate out of the said authorized capital a sum not
exceeding one million pesos during each fiscal year and a standing
annual appropriation is hereby made out of any general fund in the
National Treasury of such sum as may be necessary to reimburse the
NAMARCO of the total amount actually expended out of the said one
million pesos for overhead expenses during each fiscal year, which
reimbursement shall accrue to the revolving fund. If the said one
million pesos is insufficient, the Board of Directors may also
appropriate out of the gross profits of the NAMARCO corresponding to
the fiscal year 1956-1957 an amount not exceeding five hundred thousand
pesos for additional operating expenses, subject to the approval of the
President of the Philippines. The additional sum of five hundred
thousand pesos herein authorized to be appropriated by the NAMARCO for
operating expenses may not be used to increase the salaries of the
employees of the NAMARCO and in the event the said NAMARCO shall
increase the present number of employees, priority and preference
should be given to former employees of the NAMARCO or PRISCO who have
been laid off, if said former employees are civil service eligibles.
The unexpended balance of the appropriation for overhead expenses at
the end of each fiscal year shall automatically revert to the said
revolving fund and whatever net earnings of the NAMARCO, if any, shall
also accrue to the revolving fund: Provided, however, That out of the
gross profits of the Corporation during the fiscal year 1955-1956 the
Board of Directors may, subject to the approval of the President of the
Philippines, approve a deficiency budget to cover the salaries and
wages of officials and employees of the NAMARCO for the period from
June 6 to June 30, 1956."
Sec. 3. Subsection (b) of section eight of Republic Act Numbered Thirteen hundred forty-five is amended to read as follows: "(b) To appoint
and fix the compensation of the Assistant General Manager, subject to
the approval of the President of the Philippines, and to appoint and
fix the compensation of a secretary of the Board and such other
corporate officials as may be needed. The Board, by a majority vote of
all the members, may, for cause, and with the approval of the President
of the Philippines, suspend and/or remove the Assistant General
Manager; and"
Sec. 4. Section twelve of Republic Act Numbered Thirteen hundred forty-five is hereby amended to read as follows: "Section 12.
Managing Head. � The management of the Corporation shall be vested in
the General Manager who shall be appointed by the President of the
Philippines with the consent of the Commission on Appointments. His
compensation shall be twenty thousand pesos per annum."
Sec. 5. This Act shall take effect upon its approval. Approved: August 14, 1956
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