Question & AnswerQ&A (Act No. 2814)
The company created under Act No. 2814 is known as the National Petroleum Company.
The principal office of the National Petroleum Company is located in the City of Manila.
The National Petroleum Company is established to exist for a period of fifty years from the date of the approval of the Act.
The National Petroleum Company shall be subject to the provisions of the Corporation Law, insofar as they are not inconsistent with the provisions of Act No. 2814.
The National Petroleum Company has the general powers mentioned in the Corporation Law and other necessary powers to drill wells for petroleum development, to work petroleum deposits, and to sell the output thereof.
The authorized capital is five hundred thousand pesos, divided into five 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.
The voting power of all government-owned stock shall be vested exclusively in a committee consisting of the Governor-General and the presiding officers of both Houses of the Legislature.
The board of directors consists of five members.
Ten percent of the subscribed stock value must be paid at the time of subscription, with the balance paid at times prescribed by the board of directors.
Sums necessary for the government's stock payments are appropriated from the Insular Treasury funds not otherwise appropriated, with a maximum of fifty thousand pesos investment allowed per year unless otherwise provided by the Legislature.
The Act took effect upon its approval on March 4, 1919.