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Section 1
Definition of Terms
Section 1.
Definition of Terms.
— For purposes of this Executive Order:
a. Regularization shall refer to the process by which a government-owned or controlled corporation is transformed into (1) a regular government agency with essentially the same objectives, powers and functions, except those which are corporate in nature, and is attached to a department in the Executive Branch; or (2) a unit which is integral to an existing agency or executive department and with essentially the same objectives, powers and functions, except those which are corporate in nature;
b. Conversion shall refer to a variant of the divestment process by which, for the purpose of privatization, a government-owned or controlled corporation is dissolved but exclusive authority is granted to be the management thereof to form a new and private corporation through registration with the Securities and Exchange Commission, with the same corporate name and essentially the same objectives, powers and functions but without government funding, except that existing assets of the dissolved corporation may be donated to the new corporation; and
c. Consolidation refers to the process by which a government-owned or controlled corporation loses its legal personality and its objectives, powers and functions, assets, liabilities as well as necessary personnel are integrated into another government-owned or controlled corporation.
Section 2
Regularization
Section 2.
Regularization.
— The following government-owned or controlled corporations are hereby regularized:
a. Metals Industry Research and Development Center;
b. Fiber Industry Development Authority;
c. National Post-Harvest Institute for Research and Extension; and
d. Philippine Coconut Authority.
Section 3
Incomes of Regularized Corporations
Section 3.
Incomes of Regularized Corporations.
— Except for donations, grants, legacies, devises and similar acquisitions, incomes of government-owned or controlled corporations which are regularized, regardless of the manner of acquisition and in whatever form, whether as profits, fees, charges, penalties or otherwise, shall form part of the General Fund. After regularization, the operations of the regularized corporations shall be funded under the annual General Appropriations Act.
Section 4
Consolidation
Section 4.
Consolidation.
— The Music Promotion Foundation of the Philippines is hereby consolidated with the Cultural Center of the Philippines.
Section 5
Conversion
Section 5.
Conversion.
— The National Social Action Council is hereby made subject to conversion.
Section 6
Details of Disposition Actions
Section 6.
Details of Disposition Actions.
— The details of the dispositive actions of regularization, consolidation and conversion as provided in the preceding sections are prescribed in Annexes —A— to —F— attached hereto. These annexes shall form integral parts of this Executive Order.
Section 7
Notice or Consent Requirement
Section 7.
Notice or Consent Requirement.
— If any reorganizational change authorized in this Executive Order or in any of the Annexes attached hereto is of such substance or materiality as to prejudice third persons with rights recognized by law or contract such that notice to or consent of creditors is required to be made or obtained pursuant to any agreement entered into with any of such creditors, such notice or consent requirement shall be complied with prior to the implementation of such reorganizational change.
Section 8
Separability
Section 8.
Separability
. — If for any reason any section or provision of this Executive Order or of its Annexes is declared unconstitutional or invalid, the remainder of this Executive Order and its Annexes shall not be affected as long as such remaining sections or provisions can still subsist and be given effect in their entirety.
Section 9
Repeal
Section 9.
Repeal.
— The following laws, presidential decrees and executive issuances are hereby repealed or modified accordingly:
a. Republic Act Nos. 4724 and 6428, Executive Order No. 602, series of 1980, and Presidential Decree No. 1765, series of 1981, concerning the Metals Industry Research and Development Center;
b. Section 8 of Executive Order No. 709, series of 1981, concerning the Fiber Industry Development Authority;
c. Presidential Decree No. 1380, series of 1978, and Letter of Implementation No. 123, series of 1980, and Letter of Instructions No. 1142, series of 1982, concerning the National Post-Harvest Institute for Research and Extension;
d. Presidential Decree No. 232, series of 1973, and Presidential Decree No. 961, series of 1976, and Article II of Presidential Decree No. 1468, series of 1978, concerning the Philippine Coconut Authority;
e. Executive Order No. 182-A, series of 1969, and Presidential Decree No. 294, series of 1974, concerning the National Social Action Council; and
f. Republic Act No. 1370, except Section 3 thereof, concerning the Music Promotion Foundation.
All other laws, rules, regulations and other issuances or parts thereof contrary to or inconsistent herewith are likewise hereby repealed or modified accordingly.
Section 10
Effectivity
Section 10.
Effectivity.
— This Executive Order shall take effect immediately after fifteen (15) days following its publication in a national newspaper of general circulation or in the—Official Gazette.
DONE in the City of Manila, this 6th day of December in the year of Our Lord, nineteen hundred and ninety-one.
(Sgd.)
CORAZON C. AQUINO
President of the Philippines
By the President:
(Sgd.)
FRANKLIN M. DRILON
Executive Secretary
ANNEX —A—
METALS INDUSTRY RESEARCH AND DEVELOPMENT CENTER
The Metals Research and Development Center was created as a government-owned corporation under Republic Act No. 4724, as amended by Republic Act No. 6428, to provide the public and private sectors with professional management and technical expertise on such vital activities as training of engineers and technicians, information exchange, trade accreditation service, quality control and testing of metal products, research and business economics advisory program.
Pursuant to the Government—s Corporate Rationalization Program, the following are hereby directed: