Question & AnswerQ&A (Act No. 2849)
The National Development Company is a corporation organized under Act No. 2849, with its principal office in Manila, existing for fifty years from the approval date of the Act to promote and maintain general production by coordinating the country's productive forces and securing stable markets for Philippine products.
The principal office of the National Development Company is located in the city of Manila.
The National Development Company shall exist for a period of fifty years from and after the date of the approval of the Act.
The National Development Company has the power to engage in commercial and industrial enterprises related to economic development, acquire and alienate properties, issue bonds, mortgage or pledge assets, make contracts, and purchase or hold shares of other corporations, among other powers necessary to promote its objectives.
The capital of the corporation is fifty million pesos, divided into five hundred thousand shares of stock with a par value of one hundred pesos each.
The Government of the Philippine Islands, through the Governor-General, must subscribe for not less than fifty-one percent of the capital stock.
No person, private corporation, association, or copartnership may sell or purchase more than one hundred shares of stock.
The voting power of all government-owned shares is vested exclusively in a committee consisting of the Governor-General and the presiding officers of both Houses of the Legislature.
Penalties include a fine not exceeding five thousand pesos, imprisonment for up to five years, or both, for offenses such as making false statements to obtain funds, overvaluing securities, forging bonds, embezzling company funds, and disclosing company secrets.
The Philippine Legislature expressly reserves the power to alter, amend, or repeal the Act or any of its amendments or parts thereof.
The Board of Directors shall consist of not more than nine members.
The Act took effect upon its approval, which was on March 10, 1919.