Release to PNOC of Sum to Subscribe and Pay for 51% of Capitalization of PNOC Exploration Corp.
Letter of Instructions No. 420, issued on July 1, 1976, directs the release of a total of P153,000,000.00 to the Philippine National Oil Company (PNOC) from a special fund as established under R.A. 6173. The funds are to be disbursed in four installments: P38,250,000.00 immediately, followed by three additional payments by specified deadlines in 1977 and 1978. These funds are earmarked for PNOC to acquire a 51% stake in the capitalization of its subsidiary, PNOC Exploration Corporation. The instructions mandate immediate implementation of this funding allocation.
Law Information
- Reference Number
- Letter of Instructions No. 420
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
July 1, 1976
LETTER OF INSTRUCTIONS NO. 420
| TO | : | The Commissioner of the Budget |
| The National Treasurer | ||
| The Chairman, Philippine National Oil Company |
You are hereby directed to release to the Philippine National Oil Company (PNOC) out of the special fund created under Section 7(j) of R.A. 6173 as amended, the following amounts on the dates specified hereunder.
1. The sum of Thirty-Eight Million Two Hundred Fifty Thousand Pesos (P38,250,000.00) immediately on the date hereof;
2. The sum of Thirty-Eight Million Two Hundred Fifty Thousand Pesos (P38,250,000.00) on or before July 30, 1977;
3. The sum of Thirty-Eight Million Two Hundred Fifty Thousand Pesos (P38,250,000.00) on or before December 31, 1977;
4. The sum of Thirty-Eight Million Two Hundred Fifty Thousand Pesos (P38,250,000.00) on or before June 30, 1978. acd
The foregoing shall be utilized by PNOC in subscribing and paying for 51% of the capitalization of PNOC Exploration Corporation, a subsidiary corporation organized by PNOC.
This Letter of Instruction is for immediate implementation.
DONE in the City of Manila, this 1st day of July, in the year of Our Lord, Nineteen Hundred and Seventy-Six.
Cite This Law
Release to PNOC of Sum to Subscribe and Pay for 51% of Capitalization of PNOC Exploration Corp., Letter of Instructions No. 420, Jul 1, 1976 (Philippines)
Release to PNOC of Sum to Subscribe and Pay for 51% of Capitalization of PNOC Exploration Corp., Letter of Instructions No. 420 (Phil. 1976)
Related Laws
- Release of Funds to Reimburse PNOC for Actual Exploration Costs and to Fund Exploration ExpendituresLetter of Instructions No. 1226 • Apr 12, 1982 • Presidential Issuances
- Release of Fund to PNOC to Pay Additional Government SubscriptionLetter of Instructions No. 285 • Jun 20, 1975 • Presidential Issuances
- Election of Hon. Geronimo Z. Velasco as Chairman of the Board of Directors of PNOC Exploration Corp.Letter of Instructions No. 421 • Jul 6, 1976 • Presidential Issuances
- Release of Additional Funds to PNOC for Purchase of TankersLetter of Instructions No. 254 • Feb 20, 1975 • Presidential Issuances
- PNOC-Romania Drilling Rig Agreement Release of P35 Million to PNOCLetter of Instructions No. 358 • Dec 29, 1975 • Presidential Issuances
- Release of Funds to PNOC for Purchase and Construction of Self-Propelled BargesLetter of Instructions No. 361 • Jan 9, 1976 • Presidential Issuances
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