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Sec. 1
Authorized Capital Stock
Sec. 1. Authorized Capital Stock. The provisions of Section 3 of Presidential Decree No. 1071, otherwise known as "The Revised Charter of the Philippine International Trading Corporation" notwithstanding, the Board of Directors is empowered to restructure the ownership of the Corporation and increase the authorized capital stock which may be subscribed and paid up by additional infusion of equity by the National Development Company or by the disposition of shares to other entities.
Sec. 2
Capital Distribution
Sec. 2. Capital Distribution. The unpaid balance of the shares allocated to the National Government amounting to P74,000,000 are transferred to and assumed by the National Development Company which shall be fully subscribed and paid-up after the issuance of this order. The paid-up shares of the National Government amounting to P6,000,000 are likewise transferred to the National Development Company.
Sec. 3
Compensation Policies
Sec. 3. Compensation Policies. The compensation policies including allowances, merit increases and other employee benefits for all officers and employees adopted by the Board of Directors are hereby approved in accordance with P.D. Nos. 1177 and 1597. Any future changes approved by the Board that may be deemed necessary shall not require any referral to or approval by any other authority, agency or office.
Sec. 4
Repealing Clause
Sec. 4. Repealing Clause. Any provisions of law, decree, order or regulation inconsistent with this Order are deemed revised, amended, superseded or repealed accordingly.
Sec. 5
Effectivity
Sec. 5. Effectivity. This Order shall take effect immediately.
DONE in the City of Manila this 25th day of November, in the year of Our Lord, nineteen hundred and eighty-five.