AN ACT TO DEVELOP AND IMPROVE THE RICE AND CORN INDUSTRIES, TO STABILIZE THE PRICE OF RICE AND TO PROMOTE THE SOCIAL AND ECONOMIC CONDITIONS OF THE PEOPLE ENGAGED IN THE PRODUCTION OF THESE STAPLE FOODS.

[ REPUBLIC ACT NO. 663, June 16, 1951 ]

AN ACT TO DEVELOP AND IMPROVE THE RICE AND CORN INDUSTRIES, TO STABILIZE THE PRICE OF RICE AND TO PROMOTE THE SOCIAL AND ECONOMIC CONDITIONS OF THE PEOPLE ENGAGED IN THE PRODUCTION OF THESE STAPLE FOODS.

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

Section 1. For the purpose of developing and improving the rice and corn industries in all their phases, of stabilizing the prices of rice and corn, and of promoting the social and economic conditions of the people who are engaged in the production of these staple foods, a corporation is hereby created which shall be known as the National Rice and Corn Corporation and shall be referred to herein as Corporation. All assets and liabilities of the defunct NARIC which were turned over to the PRISCO by virtue of Executive Order No. 350 are hereby transferred to this new Corporation. The National Rice and Corn Corporation shall be organized within one month after the date of the approval of this Act and shall exist for a term of thirty years from the said date. The Corporation shall have its main office in the City of Manila.

Section 2.

Section 3. For carrying out the foregoing objectives, the Corporation shall have authority-

Section 4. The National Rice and Corn Corporation shall be subject to the provisions of the Corporation Law in so far as they are compatible with the provisions of this Act, and it shall enjoy the general powers mentioned in said Corporation Law in addition to those herein specified.

Section 5. In order to enable the Corporation to exercise the powers and duties vested in it by this Act-

Section 6.

Section 7.

Section 8.

Section 9.

Section 10.

Section 11. To carry out the purposes of this Act, there is hereby appropriated out of the funds of the National Treasury not otherwise appropriated, to be paid and transferred to the Corporation for the stocks subscribed by the Government, as follows: Ten million pesos upon approval of this Act, five million of which shall be taken from the authorized capital appropriation of the PRISCO as share of the RICO Department, PRISCO, activities which will be assumed and continued by this new Corporation; five million pesos less the net book value of the properties and assets of the former National Rice and Corn Corporation, on or before July 1, 1952; and the balance, or five million pesos, on or before July 1, 1953. The total sum to be paid and transferred to the Corporation under the provisions of this Act shall not exceed twenty million pesos. All profits derived from the operation of the Corporation herein created shall accrue to and form part of the same and shall be available for expenditure and/or investment for the same purposes herein provided.

Section 12. This Act shall take effect one month after its approval.

Approved, June 16, 1951.