79 OG No. 33, 6881 (August 19, 1974)

[ PRESIDENTIAL DECREE NO. 514, July 19, 1974 ]

AMENDING REPUBLIC ACT NO. 6260, ENTITLED AN "ACT INSTITUTING A COCONUT INVESTMENT FUND AND CREATING A COCONUT INVESTMENT COMPANY FOR THE ADMINISTRATION THEREOF."

WHEREAS, Republic Act No. 6260 instituting a CoconutInvestment Fund and creating a Coconut Investment Company to administersaid Fund provides that the corporate powers of the Company shall bevested in a Board of Directors elected by coconut planters throughannual elections; and

WHEREAS, there is need to modify the composition of theBoard to further enhance coordination of the Company's operations withestablished government policies and programs;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of thePhilippines, by virtue of the powers vested in me by the Constitution,do hereby order and decree the following:

SECTION 1. The Chairman of the Board and the General Manager of the Coconut Investment Companyshall be appointed by the President during the period that the Companyis a government corporation. They shall, together with the eleven (11)members specified under Republic Act No. 6260, comprise a Board ofDirectors of 13 members which shall exercise the corporate powers of the Company.

SEC. 2. Any and all provisions of Republic Act No. 6260which are inconsistent herewith are hereby repealed and/or amendedaccordingly.

SEC. 3. This Decree shall take effect immediately.

Done in the City of Manila, this 19th day of July, in the year ofOur Lord, nineteen hundred and seventy-four.

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