Republic Act No. 1601

An Act to Amend Republic Act Numbered Thirteen Hundred Forty-Five, Entitled "An Act Creating the National Marketing Corporation and Dissolving the Price Stabilization Corporation, Appropriating Funds Therefor, and for Other Purposes

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1. Subsection (d) of section five of Republic Act Numbered Thirteen hundred forty-five is hereby amended to read as follows:

"(d) To establish and operate distribution offices and agencies and/or to enter into contracts with wholesale business throughout the Philippines for the purchase and distribution of such commodities that may be deemed essential for carrying out the purposes of the Corporation authorized in this Act: Provided, That the distribution of such commodities shall be done thru Filipinos only;"

Section 2. Subsection (b) of section six of Republic Act Numbered Thirteen hundred forty-five is hereby amended to read as follows:

"(b) To help the NAMARCO defray part of its operating expenses the Board of Directors may appropriate out of the said authorized capital a sum not exceeding one million pesos during each fiscal year and a standing annual appropriation is hereby made out of any general fund in the National Treasury of such sum as may be necessary to reimburse the NAMARCO of the total amount actually expended out of the said one million pesos for overhead expenses during each fiscal year, which reimbursement shall accrue to the revolving fund. If the said one million pesos is insufficient, the Board of Directors may also appropriate out of the gross profits of the NAMARCO corresponding to the fiscal year 1956-1957 an amount not exceeding five hundred thousand pesos for additional operating expenses, subject to the approval of the President of the Philippines.Provided, However, That out of the gross profits of the Corporation during the fiscal year 1955-1956 the Board of Directors may, subject to the approval of the President of the Philippines, approve a deficiency budget to cover the salaries and wages of officials and employees of the NAMARCO for the period from June 6 to June 30, 1956."

Section 3. Subsection (b) of section eight of Republic Act Numbered Thirteen hundred forty-five is amended to read as follows:

"(b) To appoint and fix the compensation of the Assistant General Manager, subject to the approval of the President of the Philippines, and to appoint and fix the compensation of a secretary of the Board and such other corporate officials as may be needed. The Board, by a majority vote of all the members, may, for cause, and with the approval of the President of the Philippines, suspend and/or remove the Assistant General Manager; and"

Section 4. Section twelve of Republic Act Numbered Thirteen hundred forty-five is hereby amended to read as follows:

"Sec. 12. Managing Head. -The management of the Corporation shall be vested in the General Manager who shall be appointed by the President of the Philippines with the consent of the Commission on Appointments. His compensation shall be twenty thousand pesos per annum."

Section 5. This Act shall take effect upon its approval.

Approved: August 14, 1956.