Atty. Marcelino C. Ilao
SEC Opinion • Securities and Exchange Commission • Opinions • Aug 9, 1988
Full text
August 9, 1988 Atty. Marcelino C. Ilao Vice-President and General Counsel Pambansang Korporasyon sa Elektrisidad (National Power Corporation) Cor. Quezon Ave. and Agham Road Diliman, Quezon City RE : Quorum of the National Power Corporation Dear Atty. Ilao: This has reference to your letter dated June 7, 1988, requesting for legal opinion on the question of whether or not the officer-in-charge designated by the President and Chief Executive of the National Power Corporation (NPC for short) may represent the NPC President as the ex-officio Vice-Chairman of the Board or as member thereof in a Board Meeting. In this regard, please be informed that the Commission has no jurisdiction over the NPC inasmuch as the latter was created by special law, i.e., R.A. No. 6395, as amended. The applicable provisions of Section 4 of Batas Pambansa Blg. 68, otherwise known as the Corporation Code of the Philippines provides; viz: cdll SECTION 4. Corporations created by special laws or charters . Corporations created by special laws or charters shall be governed primarily by the provisions of special laws or charter creating them or applicable to them, supplemented by the provisions of this Code, insofar as they are applicable. Please be guided accordingly. Very truly yours, (SGD.) JULIO A. SULIT, JR. Chairman
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