Question & AnswerQ&A (PRESIDENTIAL DECREE NO. 536)
The capital stock of the PEFTOK Corporation is 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.
At least fifty-one percent (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.
The amount of two million one hundred ninety-eight thousand three hundred sixty pesos (P2,198,360.00) shall be initially paid and transferred to the PEFTOK Corporation out of the PEFTOK savings under Republic Act No. 573.
Within three years from the date of the proclamation of the decree, all shares of capital stock subscribed and held by the Government for and in behalf of the PEFTOK veterans shall be transferred to and in the name of the PEFTOK veterans.
Shares shall be owned by PEFTOK veterans, and in the case of a deceased veteran, the widow or legitimate children of the veteran are entitled to hold up to thirty (30) common shares.
No, the sale or transfer of common shares to any party not a PEFTOK veteran is not allowed under any circumstance.
No, no PEFTOK veteran shall be issued a total of more than one hundred shares.
A PEFTOK veteran is an officer or enlisted man of the Armed Forces of the Philippines, active, inactive, or honorably separated, who served with any unit of the Philippine Expeditionary Forces to Korea (PEFTOK) as certified by the Adjutant General of the Armed Forces of the Philippines; the widow and legitimate children of such veterans; and also includes other persons and honorary members as determined and authorized by the Board.
After all PEFTOK units’ members have been determined and accounted for by the Board, the Board shall immediately determine the number of unsubscribed capital stock available for subscription by PEFTOK veterans.
The decree took effect upon its approval on August 9, 1974.