Republic Act No. 2641
CONVERTING THE NATIONAL POWER CORPORATION INTO A STOCK CORPORATION,
AMENDING FOR THE
Be it enacted by the Senate and House of Representatives of the Philippines in Legislature assembled and by the authority of the same:
SECTION 1. Commonwealth Act Numbered One hundred twenty, as amended, is further amended by inserting between sections two and three thereof a new section, to be known as Section Two-A which shall read as follows:
“SEC. 2-A. The
Power Corporation shall have an authorized capital stock of one hundred
million pesos divided into one million shares having a par value of one hundred
pesos each, which shares may not be transferred, negotiated, pledged,
mortgaged, or otherwise given as security for the payment of any obligation. The said capital stock shall be subscribed
wholly by the Government of the
“The sum of eighty-two million advanced to the National Power Corporation by the Government of the Philippines pursuant to the provisions of Republic Act Numbered Two hundred sixty-six shall be the paid-in subscription for eight hundred twenty thousand shares of stock of said capital stock;
“The surplus of ten million pesos of the National Power Corporation shall be capitalized, and shall also be an additional paid-in subscription of the Government of the Philippines for one hundred thousand shares of stock of the capital stock; and
“The balance of eight million pesos
shall be paid from time to time from surpluses of the
Corporation, and in the absence thereof,
from bond issues upon request of the
Power Corporation for specific projects duly approved by the
SEC. 2. This Act shall take effect upon its approval.
Approved, June 18, 1960
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