Financial Provisions for Operating Expenses
- Amends subsection (b) of Section 6 of RA 1345 concerning NAMARCO's funding.
- Board of Directors may allocate up to one million pesos yearly from authorized capital for operating expenses.
- An annual standing appropriation from the National Treasury's general fund is made to reimburse NAMARCO’s overhead expenses.
- If one million pesos is insufficient, the Board can appropriate an additional up to five hundred thousand pesos from NAMARCO's gross profits of fiscal year 1956-1957 with Presidential approval.
- Additional funds cannot be used to increase employee salaries.
- Priority hiring is given to former NAMARCO or PRISCO employees with civil service eligibility.
- Unused funds at fiscal year-end revert to the revolving fund.
- Net earnings also accrue to the revolving fund.
- Provision for approval of a deficiency budget for salaries covering June 6 to June 30, 1956, from fiscal year 1955-1956 gross profits.
Appointment and Suspension of Assistant General Manager and Other Officials
- Amends subsection (b) of Section 8 of RA 1345.
- The Board may appoint and fix compensation of the Assistant General Manager, a secretary of the Board, and other corporate officials.
- Appointments are subject to the President's approval.
- The Board can suspend or remove the Assistant General Manager for cause, subject to Presidential approval.
Management Structure and Compensation
- Amends Section 12 of RA 1345.
- Vests management of the Corporation in the General Manager.
- The General Manager is appointed by the President with consent from the Commission on Appointments.
- The General Manager's salary is fixed at twenty thousand pesos per annum.
Effectivity Clause
- The Act takes effect immediately upon approval on August 14, 1956.