Conduct of Comprehensive and Detailed Financial and Operations Audit of All Bus Companies

June 30, 1976

LETTER OF INSTRUCTIONS NO. 419

Pursuant to the powers vested in me under Sections 54 and 55 of the Corporation Law (Act No. 1459), you are hereby directed to conduct a comprehensive and detailed financial and operations audit of all bus companies operating under a franchise granted by the Board of Transportation under the laws of the Republic of the Philippines. acd

For the purpose hereof, you shall have authority to administer oaths to the directors, officers, or stockholders, of such bus companies and to examine under oath or otherwise such directors, officers, or stockholders, or other persons in relation to their business, the administration of their affairs and the conditions thereof. You shall likewise have authority to examine the records, books, papers, letters and documents, including financial reports, belonging to such companies or pertaining to their business administration or condition including those which are on file with the Board of Transportation, Bureau of Internal Revenue, Bureau of Customs, Securities and Exchange Commission, Bureau of Domestic Trade, and other Agencies, and to issue subpoena or subpoena duces tecum directing any person or persons in the Philippines to appear as witness and to produce for inspection any such books, papers, documents, letters, reports or other records in their possession.

You shall make a full and complete report to the President of the Philippines of the audit and examinations conducted by virtue hereof, together with your recommendations, and shall not disclose to anyone other than the President of the Philippines the details or results of such audit and examinations.

DONE in the City of Manila, this 30th day of June, in the year of Our Lord, Nineteen Hundred and Seventy-Six. cd