QuestionsQuestions (Republic Act No. 11782)
Commonwealth Act No. 332 is an act creating the “National Abaca and Other Fiber Corporation.” It is a government corporation organized immediately after approval, with its main office in Manila.
The corporation shall exist for a term of thirty (30) years from the date of approval of the Act.
To ensure permanent, sufficient, and balanced production of abaca and other fibers for local industry and export; to check speculation and stabilize prices at a level covering cost plus reasonable profit; and to prevent shortages or excess production and act as a regulating organ to avoid disorganization, suspensions of work, unemployment, and other social calamities.
It may: (1) buy, sell, export, barter, and deal in abaca and other fibers; (2) buy/sell/own/operate/rent/lease transportation means and equipment (ships, rails, warehouses, stripping machines, etc.) subject to law; (3) act as agent/broker/commission merchant/representative of producers and dealers; (4) grant loans to planters on reasonable terms; (5) borrow/issue bonds/raise funds; (6) enter into contracts with persons and governments, including foreign governments.
Yes. Section 3 explicitly allows it to have offices outside the Philippines and transact business and exercise its powers in any part of the Philippines or any foreign country, state, or territory.
The capital stock is twenty million pesos (Php 20,000,000), divided into 200,000 shares, with a par value of one hundred pesos (Php 100) each.
No. Section 4 provides that no stock shall be issued at less than par or except for cash.
At least 51% must be subscribed by the Government of the Commonwealth. The remainder may be offered to provincial, municipal, and city governments and to the general public.
At least 25% of the value of all subscribed stock must be paid at the time of subscription. The balance is subject to call at times the Board may deem advisable. However, for subscriptions by the Government under the Act, payment is only upon certification to the President by the Auditor General and the Secretary of Finance that sufficient funds are available in the National Treasury, in excess of appropriations for ordinary National Government expenses.
Voting power of all stock owned by the Government of the Commonwealth is vested in the President of the Philippines or persons he designates; voting power of stock owned by provincial, municipal, or city governments is vested in the respective chief executive officer.
It is subject to the Corporation Law to the extent compatible with CA No. 332 and its purposes. It enjoys general powers mentioned in the Corporation Law in addition to the specific powers listed in CA No. 332.
The management is vested in a Board of Directors of not more than five members appointed by the President of the Philippines with the consent of the Commission on Appointments. The President appoints the chairman from among the members.
For the first appointees: one serves for one year, one for two years, one for three years, one for four years, and one for five years. Afterward, each director serves for five years.
Each director must take the oath prescribed in Section 23 of the Revised Administrative Code and the Constitution of the Philippines, before entering upon discharge of duties.
Three (3) members of the Board constitute a quorum.
Each director receives a per diem of not to exceed Php 30 for each day of meeting actually attended; except the chairman who is also the general manager and receives a salary not to exceed Php 15,000 per annum.
The Board must submit its annual report and balance sheets to the President of the Philippines and to the National Assembly, as provided in Sections 574 to 577 of the Revised Administrative Code.
An appropriation of eleven million pesos is made out of funds in the National Treasury not otherwise appropriated to pay for the shares of stock of the corporation acquired by the Government of the Commonwealth in accordance with the Act.
It takes effect on its approval (approved June 18, 1938).