Executive Order No. 249

 

 

CREATING THE NATIONAL TRADING CORPORATION

 

WHEREAS, under and by virtue of Commonwealth Act No. 498, it is provided, among other things, that:

 

“The existence of a state of war among several nations of the world with which the Philippines has been maintaining commercial and trade relations, and from which this country has been importing foods, clothing, fuel, fertilizers, chemicals, building materials, implements, machinery, and equipment required in agriculture and industry, and other articles or commodities of prime necessity; the likely increase in insurance and freight rates; the scarcity of bottoms; the limitations with respect to the movement of commodities; and the consequent possible profiteering on the part of merchants outside of and inside the Philippines, have given rise to a national emergency, and to protect the public interests, it is declared to be the national policy during such emergency to prevent, locally or generally, scarcity, monopolization, hoarding injurious speculations, manipulations, private controls, and profiteering, affecting the supply, distribution, and movement of foods, clothing, fuel, fertilizers, chemicals, building materials, implements, machinery, and equipment required in agriculture and industry, and other articles or commodities of prime necessity, both imported and locally produced or manufactured.

 

“In order to carry out the above declared national policy, the President of the Philippines is authorized (a) to purchase any of the articles or commodities mentioned in section one hereof for storage, sale, or distribution for the relief of hunger and calamity stricken portions of the population, and in order to stabilize the prices of such commodities, (b) to fix the maximum selling prices of such articles or commodities, and (c) to promulgate such rules and regulations as he may deem necessary in the public interest, which rules and regulations shall have the force and effect of law until the date of adjournment of the next regular session of the National Assembly unless sooner revoked or the National Assembly provides otherwise.

 

“The President may designate any department, bureau, office, or instrumentality of the National Government or he may organize a new agency for the purpose of administering the Act and carrying out its objectives.  If a new agency is organized, the President shall have the power to designate employees or officials from other offices of the National Government or its instrumentalities to work in the said agency.”

 

AND WHEREAS, in order to enable the President of the Philippines to efficiently exercise the authority granted by said Act and to purchase, store, provide storage facilities for, and to sell the commodities above named in the manner and by methods customarily followed in the trade, it is expedient and necessary that a corporation should be organized, all the stocks of which, except the number of shares necessary to qualify incorporators or directors, shall be subscribed for, purchased and owned by the Government of the Philippines.

 

NOW, THEREFORE, under and by virtue of the power conferred upon me by the above entitled Act, it is hereby ordered that an agency, to wit, a corporation, under the laws of the Philippines be created, said corporation to be named National Trading Corporation.

 

That the governing body of said corporation shall consist of a Board of Directors composed of five members.

 

That the incorporators and first directors of said corporation shall be designated by the President of the Philippines.

 

That the office and principal place of business of said corporation shall be at the City of Manila, and branch offices shall be established at such places as may be selected and determined by the President of the Philippines.

 

That the capital stock of said corporation shall consist of 50,000 shares of the par value of P 100 each.

 

That the Government of the Philippines shall purchase from time to time at par so much of said capital stock as may be deemed necessary to supply the necessary capital to enable said corporation to carry on its business and none of said capital stock shall be sold to any person or entity other than the Government of the Philippines and individual directors or incorporators, for the purpose of qualifying as such director or incorporator, such qualifying shares to be held by said directors or incorporators in trust for the use and benefit of the Government of the Philippines.

 

That the said corporation shall exercise the powers contained in the Articles of Incorporation and in the By-Laws approved by the President of the Philippines.

 

That all officers of said corporation shall be selected with the consent and approval of the President of the Philippines.

 

The Secretary of Finance is hereby authorized and directed to subscribe for and purchase all of said capital stock in the name and for the use and benefit of the Government of the Philippines and to pay for the same out of the appropriation of P 10,000,000 authorized by section 5 of the Commonwealth Act hereinbefore entitled.

 

Done at the City of Manila, this 4th day of January in the year of Our Lord nineteen hundred and forty and of the Commonwealth of the Philippines, the fifth.

 

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Last revised:  May 25, 2016 02:41 PM.

 

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