REPUBLIC OF THE PHILIPPINES
OFFICE OF THE PRESIDENT
MANILA

BY THE PRESIDENT OF THE REPUBLIC
OF THE PHILIPPINES

EXECUTIVE ORDER NO. 62

ESTABLISHING THE NATIONAL COMMODITIES PROCUREMENT AND DISTRIBUTION CORPORATION.

Pursuant to the powers vested in me by Act No. 39, otherwise known as the Emergency Powers Law, and by Act No. 10 to effect changes in the different Ministries, bureaus, offices, agencies and instrumentalities of the Government, including government-owned or controlled corporations, to create new ones or abolish those existing for the purpose of promoting simplicity, efficiency and economy in the operation of the Government, I, Jose P. Laurel, President of the Republic of the Philippines, do hereby order—

SECTION 1. There is hereby created a corporation under the name, style and title of “National Commodities Procurement and Distribution Corporation” which in short may be called “Nadisco.” The corporation shall exist for a term of 50 years from the date of the promulgation of this Order.

SEC. 2. The corporation shall have its main office and principal place of business in the City of Manila. Branch offices or agencies thereof shall be established at such places as may be designated by the General Manager with the approval of the President of the Republic of the Philippines.

SEC. 3. The National Commodities Procurement and Distribution Corporation shall have the following powers, duties and functions:

(a) To receive such existing stocks of the Philippine Prime Commodities Distribution Control Association, otherwise known as the PRIMCO, as may be transferred to the Republic of the Philippines in accordance with agreement;

(b) To procure such prime and other com modifies essential to the life and well-being of the people;

(c) To enter into negotiations and arrangements with any private or government-owned or controlled corporations, or their agencies and branches, for the manufacture and or distribution of any commodity as it may consider necessary so as to insure availability of the supply thereof in the interest of public welfare and the national economy;

(d) To procure the necessary facilities for the storage or warehousing of the commodities thus obtained and to distribute its stocks in such manner and at such prices as shall be approved by the President;

(e) Subject to the approval of the President, to lease, purchase or otherwise acquire lands, buildings, factories and other facilities which may be necessary to carry out its objectives, and to enter into any kind of contracts or agreements incidental thereto;

(f) Subject to the approval of the President, to contract loans or other credit facilities for its business enterprises;

(g) To exercise all the general powers of a corporation under the Corporation Law insofar as they are not inconsistent with the provisions of this Order and are necessary to effect the purposes of the same;

(h) Subject to the approval of the President, to issue rules and regulations to carry out the purposes of this Order: and

(i) To perform such other duties and functions as may be ordered by the President of the Republic of the Philippines.

SEC. 4. The powers, duties and functions which ordinarily pertain to a Board of Directors in the management of a private corporation shall be exercised by the President of the Republic of the Philippines.

SEC. 5. The decisions and policies laid down by the President of the Republic of the Philippines in the management of the corporation herein created shall be carried out and executed by a General Manager who shall be appointed and whose compensation shall be fixed by the President. The General Manager shall recommend to the President for appointment (1) an Assistant General Manager, (2) a Secretary, (3) a Treasurer and (4) an Assistant Treasurer whose compensation shall be fixed by the President. All other officials and employees necessary to transact the business of the corporation and to carry out the objects of its creation shall be appointed and their compensation fixed by the General Manager with the approval of the President.

SEC. 6. The Auditor General shall act as ex-officio auditor of the National Commodities Procurement Distribution Corporation and as such he is empowered and authorized, with the approval of the President of the Republic of the Philippines, to appoint and fix the salaries and the number of the personnel to assist said representative in his work. The expenses for the maintenance and operation of his office shall be paid by the National Commodities Procurement and Distribution Corporation.

SEC. 7. The National Commodities Procurement and Distribution Corporation shall have a capital of P10,000,000 to be subscribed and paid for by the Government of the Republic of the Philippines upon authority of the President.

SEC. 8. To carry out the purposes of this Order, there is hereby allotted out of the funds appropriated under Act No. 39, enacted February 22, 1944, the sum of P10,000,000, or so much thereof as may be necessary.

SEC. 9. All laws, orders, rules, and regulations insofar as they are inconsistent with the provisions of this Order are hereby repealed or modified accordingly.

SEC. 10. This Order shall take effect upon its promulgation.

Done in the City of Manila, this 21st day of June, in the year of Our Lord, nineteen hundred and forty-four, and of the Republic of the Philippines, the first.

(Sgd.) JOSE P. LAUREL
President of the Republic
of the Philippines

By the President:
(Sgd.) PEDRO SABIDO
Executive Secretary

Source: Office of the Solicitor General Library