QuestionsQuestions (EXECUTIVE ORDER NO. 249)
Commonwealth Act No. 498.
The text cites profiteering due to war conditions, increased insurance and freight rates, scarcity of bottoms, limitations on movement of commodities, and dangers of scarcity, monopolization, hoarding, and injurious speculation/manipulations affecting prime necessities such as foods, clothing, fuel, fertilizers, chemicals, building materials, implements, machinery, and equipment for agriculture and industry.
(1) Purchase commodities for storage, sale, or distribution for relief and to stabilize prices; (2) fix maximum selling prices; and (3) promulgate rules and regulations with the force and effect of law until adjournment of the next regular session of the National Assembly unless sooner revoked or otherwise provided by the National Assembly.
They have the force and effect of law until the date of adjournment of the next regular session of the National Assembly unless sooner revoked or unless the National Assembly provides otherwise.
The President may designate any existing department, bureau, office, or instrumentality, or may organize a new agency to administer the Act.
The President may designate employees or officials from other offices of the National Government or its instrumentalities to work in the new agency.
Executive Order No. 249; it creates the National Trading Corporation.
A Board of Directors composed of five (5) members.
The President of the Philippines.
Principal place of business is at the City of Manila. Branch offices shall be established at places selected and determined by the President of the Philippines.
50,000 shares with par value of P100 each.
All stocks, except the number of shares necessary to qualify incorporators or directors, shall be subscribed for, purchased, and owned by the Government of the Philippines.
Qualifying shares held by directors or incorporators must be held in trust for the use and benefit of the Government of the Philippines.
The corporation shall exercise powers contained in its Articles of Incorporation and in its By-Laws approved by the President of the Philippines.
All officers shall be selected with the consent and approval of the President of the Philippines.
The Secretary of Finance is authorized and directed to subscribe for and purchase all capital stock in the name and for the use and benefit of the Government of the Philippines, paid out of the appropriation of P10,000,000 authorized by Section 5 of Commonwealth Act No. 498.
Done at the City of Manila on January 4, 1940.