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Section 1
Merger of NLSF and LIVECOR
Section 1.
Merger of NLSF and LIVECOR.
—NLSF and LIVECOR shall be merged into a non-stock, non-profit, body corporate to be known as Livecor. The new Livecor shall be transferred and attached to the LBP pursuant to the mandate of NLSF under R.A. 6657. As such, the NLSF employees and personnel who are absorbed by the new Livecor shall be accorded the same benefits, privileges and other entitlements similarly received by the LBP employees and officers subject to certain conditions imposed by the new Livecor Board.
Section 2
Mandate
Section 2.
Mandate.
—The new Livecor shall undertake the promotion, generation and development of livelihood and community based enterprises primarily in agri-business, including those in the Agrarian Reform Communities, that will cater to the low-income bracket. It shall take charge of developing and administering livelihood programs using the NLSF funds.
Section 3
Additional Capital
Section 3.
Additional Capital.
—- The new Livecor shall be infused with additional capital of One Hundred Million Pesos (P100,000,000.00) that shall be sourced from the accumulated earnings of NLSF.
Section 4
Functions and Composition of the Board of Directors of the new Livecor
Section 4.
Functions and Composition of the Board of Directors of the new Livecor.
—The Board of Directors of the new Livecor shall be the policy-making body composed of the following:
a. The Secretary of Agriculture or has designee as ex-officio Chairman;
b. Executive Director of the NLSF Secretariat as the ex-officio Vice-Chairman;
c. Nominee of President of the Philippines as Member;
d. Nominee of the Department of Agrarian Reform, approved by the President of the Philippines as Member, as Member;
e. Nominee of the LBP, approved by the President of the Philippines, as Member;
f. Representative from the Labor Sector, appointed by the President of the Philippines, as Member;
g. Nominee of the Department of the Interior and Local Government, approved by the President of the Philippines, as Member.
The term of the Members of the Board of Directors of the new Livecor shall be one (1) year, and they shall serve in a hold-over capacity until their successors shall have been appointed and qualified.
Section 5
Officers of the new Livecor
Section 5.
Officers of the new Livecor.
—- The President of the new Livecor shall be the Executive Director of the present NLSF Secretariat.
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The Vice-President, Corporate Treasurer, the Corporate Secretary and other officers shall be elected by the Board of Directors in a meeting called for that purpose and approved by the President of the Philippines.
Section 6
Transfer
Section 6.
Transfer.
—The administration and management of the NLSF shall be transferred from the NLSF Management Committee to the new Livecor Board of Directors for administration, management and development purposes.
All powers, functions, rights and duties previously exercised by the NLSF Management Committee relating to the administration, management and development of NLSF's programs, assets, liabilities and records shall be transferred to and exercised by the new Livecor Board Directors.
Section 7
Transfer Committee
Section 7.
Transfer Committee.
—- A Transfer Committee composed of the Secretary of Agriculture or his designee, the Executive Director of the NLSF Secretariat, a representative each from the Office of the President, Department of Agrarian Reform and Land Bank of the Philippines, shall prepare the necessary plans and measures to effect the transfer of all programs, assets, liabilities and records of the NLSF for the management, administration and development of the new Livecor within thirty (30) days from the issuance of this Executive Order.
The NLSF Secretariat, the new Livecor and the Transfer Committee shall jointly submit a report to the President Management Staff on all actions taken to implement the provisions of this Executive Order within thirty (30) days after the new Livecor shall have been re-organized;
Section 8
Personnel
Section 8.
Personnel.
—- To ensure the continued implementation and management of the NLSF during the period of transfer and transition, the NLSF personnel who are performing the functions transferred to the new Livecor shall be absorbed and shall continue to perform such duties under the management of the new Livecor; provided, that those personnel, at their option, may retire or be separated from the service from the NLSF, and shall be entitled to the benefits provided by law at the time of retirement or separation. The same option shall be made available to the Livecor personnel.
Section 9
Operation Expenses
Section 9.
Operation Expenses.
—- The operating expenses of the new Livecor shall be charged against the income generated by the NLSF and the liquidation of the assets of Livecor.
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Section 10
Existing Policies and Rules
Section 10.
Existing Policies and Rules.
—- Existing policies, guidelines, rules and regulations with respect to the functions of the NLSF which have been transferred to the new Livecor shall continue in effect until amended or modified accordingly.
Section 11
Repealing Clause
Section 11.
Repealing Clause.
—- All executive issuances, guidelines, rules and regulations, or parts thereof which are contrary or inconsistent with the provisions of this Executive Order are hereby repealed or modified accordingly.
Section 12
Effectivity
Section 12.
Effectivity.
—- This Executive Order shall take effect immediately.
City of Manila,—22 November 2007
(Sgd.)
GLORIA M. ARROYO
By the President:
(Sgd.)
EDUARDO R. ERMITA
Executive Secretary