Conversion of NAPOCOR into a Stock Corporation
Republic Act No. 2641, enacted on June 18, 1960, converts the National Power Corporation (NPC) into a stock corporation. It establishes an authorized capital stock of 100 million pesos, divided into one million shares with a par value of 100 pesos each, which are exclusively owned by the Government of the Philippines and cannot be transferred or used as security. The act outlines the funding structure, with 82 million pesos from the government as initial paid-in capital and provisions for additional funding through surpluses or bond issues for specific projects. The NPC is responsible for repaying the interest on any bonded indebtedness incurred for capitalizing its operations. The law took effect upon its approval.
Quick Answers
- What is Conversion of NAPOCOR into a Stock Corporation about?
- Republic Act No. 2641, enacted on June 18, 1960, converts the National Power Corporation (NPC) into a stock corporation. It establishes an authorized capital stock of 100 million pesos, divided into one million shares with a par value of 100 pesos each, which are exclusively owned by the Government of the Philippines and cannot be transferred or used as security. The act outlines the funding structure, with 82 million pesos from the government as initial paid-in capital and provisions for additional funding through surpluses or bond issues for specific projects. The NPC is responsible for repaying the interest on any bonded indebtedness incurred for capitalizing its operations. The law took effect upon its approval.
- What type of law is Republic Act No. 2641?
- Conversion of NAPOCOR into a Stock Corporation (Republic Act No. 2641) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was Conversion of NAPOCOR into a Stock Corporation enacted?
- Conversion of NAPOCOR into a Stock Corporation (Republic Act No. 2641) was enacted on Jun 18, 1960.
- What is the citation for Conversion of NAPOCOR into a Stock Corporation?
- Conversion of NAPOCOR into a Stock Corporation, Republic Act No. 2641, Jun 18, 1960 (Philippines)
Law Information
- Reference Number
- Republic Act No. 2641
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 18, 1960
REPUBLIC ACT NO. 2641
AN ACT CONVERTING THE NATIONAL POWER CORPORATION INTO A STOCK CORPORATION, AMENDING FOR THE PURPOSE COMMONWEALTH ACT NUMBERED ONE HUNDRED TWENTY
SECTION 1. Commonwealth Act Numbered One hundred twenty, as amended, is further amended by inserting between sections two and three thereof a new section, to be known as Section Two-A which shall read as follows:
"Sec. 2-A. The National Power Corporation shall have an authorized capital stock of one hundred million pesos divided into one million shares having a par value of one hundred pesos each, which shares may not be transferred, negotiated, pledged, mortgaged, or otherwise given as security for the payment of any obligation. The said capital stock shall be subscribed wholly by the Government of the Philippines and shall be paid as follows:
"The sum of eighty-two million advanced to the National Power Corporation by the Government of the Philippines pursuant to the provisions of Republic Act Numbered Two hundred sixty-six shall be the paid-in subscription for eight hundred twenty thousand shares of stock of said capital stock;
"The surplus of ten million pesos of the National Power Corporation shall be capitalized, and shall also be an additional paid-in subscription of the Government of the Philippines for one hundred thousand shares of stock of the capital stock; and
"The balance of eight million pesos shall be paid from time to time from surpluses of the Corporation, and in the absence thereof, from bond issues upon request of the National Power Corporation for specific projects duly approved by the President of the Philippines. The payment of the interest of the bonded indebtedness incurred by the government to capitalize the National Power Corporation shall be paid by the National Power Corporation after the completion of the project for which such indebtedness was incurred."
SECTION 2. This Act shall take effect upon its approval.
Approved: June 18, 1960
Published in the Official Gazette, Vol. 56, No. 39, p. 6009 on September 26, 1960.
Cite This Law
Conversion of NAPOCOR into a Stock Corporation, Republic Act No. 2641, Jun 18, 1960 (Philippines)
Conversion of NAPOCOR into a Stock Corporation, Republic Act No. 2641 (Phil. 1960)
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