Liquidation of LASEDECO Assets by Board

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EXECUTIVE ORDER NO. 60: Liquidation of LASEDECO Assets by Board

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Title Source: Supreme Court: Liquidation of LASEDECO Assets by Board

Law: Executive Order No. 60

Decision Date: Feb 9, 1967

Executive Order No. 60 designates the Board of Liquidators to liquidate the assets and liabilities of LASEDECO, which was abolished under Republic Act No. 1160, with NARRA identifying and requesting the transfer of specific assets for the implementation of the said act.

Law Summary

Role of the National Resettlement and Rehabilitation Administration (NARRA)

NARRA is tasked to assess and identify, within sixty (60) days from the Executive Order's effectivity, which properties, equipment, assets, and rights of LASEDECO are essential for fulfilling the purposes of Republic Act No. 1160.
NARRA must prepare and submit an inventory of these identified properties and assets to the Board of Liquidators for proper transfer.

Transfer of Properties and Approval

The Board of Liquidators, with the President's approval, shall facilitate the transfer of title to the said properties, equipment, assets, and rights to NARRA.
This transfer is subject to the restrictions and provisions outlined in Section 10 of Republic Act No. 1160.

Legal Authority and Effective Date

The Executive Order was issued under the authority granted by Republic Act No. 1160, particularly Section 15.
The order was signed and became effective on August 31, 1954, in Manila, under the administration of President Ramon Magsaysay.

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