PRESIDENTIAL DECREE NO. 514, July 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 Coconut Investment Fund and creating a Coconut Investment Company to administer said Fund provides that the corporate powers of the Company shall be vested in a Board of Directors elected by coconut planters through annual elections; and

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

NOW, THEREFORE, I, FERDINAND E. MARCOS , President of the Philippines, 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 Company shall be appointed by the President during the period that the Company is a government corporation. They shall, together with the eleven (11) members specified under Republic Act No. 6260, comprise a Board of Directors of 13 members which shall exercise the corporate powers of the Company.

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 Any and all provisions of Republic Act No. 6260 which are inconsistent herewith are hereby repealed and/or amended accordingly.

SEC. 3 . This Decree shall take effect immediately.

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

(Sgd.)

FERDINAND E. MARCOS

President of the Philippines

By the President:

(Sgd.)

ALEJANDRO MELCHOR

Executive Secretary