Amendment to NAMARCO's fund use and staffing

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Republic Act No. 3065: Amendment to NAMARCO's fund use and staffing

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Title Source: Supreme Court: Amendment to NAMARCO's fund use and staffing

Law: Republic Act No. 3065

Decision Date: Jun 17, 1961

An amendment to Republic Act No. 1345 allows the National Marketing Corporation (NAMARCO) to allocate funds for operating expenses, prioritize former employees for employment, and revert unexpended balances to the revolving fund, effective from January 1, 1962.

Employment Priority and Preference

Should NAMARCO decide to increase its number of employees, priority in hiring shall be given to former employees of either NAMARCO or the Price Stabilization Corporation (PKISCO).
This priority applies only if these former employees have been laid off and are civil service eligibles.

Management of Unexpended Appropriations and Net Earnings

Any unexpended balance of the appropriation for overhead expenses at the close of each fiscal year shall automatically revert to the NAMARCO revolving fund.
Any net earnings realized by NAMARCO from its operations shall accrue to this revolving fund.

Effectivity

The amendments made by this Act take effect starting January 1, 1962.

END