Legal basis and cited predecessors
- Republic Act No. 422 provides the authority for the President’s issuance of Executive Order No. 377.
- Executive Order No. 377 abolishes the Surplus Property Liquidating Committee created under Executive Order No. 275 dated September 30, 1949.
- Executive Order No. 377 links the Surplus Property Liquidating Committee to Administrative Order No. 90 dated May 19, 1949.
- Executive Order No. 377 transfers functions to the Board of Liquidators created under Executive Order No. 372 dated November 24, 1950.
- Executive Order No. 377 directs that proceeds credited to the Surplus Property Liquidating Committee under Executive Order No. 346 dated September 22, 1950 accrue to the Board of Liquidators.
Abolition of Surplus Property Liquidating Committee
- Executive Order No. 377 abolishes the Surplus Property Liquidating Committee created under Executive Order No. 275.
- The abolished committee is the entity created for surplus property liquidation matters in connection with Administrative Order No. 90 dated May 19, 1949.
- The abolition covers the committee’s continued existence as the responsible body for its functions after promulgation.
Transfer of functions, powers, duties, and assets
- Executive Order No. 377 transfers the Surplus Property Liquidating Committee’s functions, powers, and duties to the Board of Liquidators created under Executive Order No. 372.
- Executive Order No. 377 transfers all relevant records to the Board of Liquidators.
- Executive Order No. 377 transfers all relevant properties, funds, and other assets and liabilities to the Board of Liquidators.
- The transfer is comprehensive and covers the committee’s operational and accountability materials and holdings.
Accrual of liquidation proceeds for obligations
- Executive Order No. 377 requires that the proceeds from the liquidation of the Shipping Administration credited to the Surplus Property Liquidating Committee under Executive Order No. 346 dated September 22, 1950 shall accrue to the Board of Liquidators.
- The proceeds accruing to the Board of Liquidators are for the settlement of all pending obligations of the defunct Surplus Property Commission.
Operational take-effect rule
- Executive Order No. 377 becomes effective upon its promulgation, and its transfers and abolitions operate from that effectivity point.
- Executive Order No. 377 is implemented through the immediate abolition of the committee and the immediate assumption of its functions and responsibilities by the Board of Liquidators.