Proclamation No. 1088, s. 1972

MALACAÑANG
RESIDENCE OF THE PRESIDENT
OF THE PHILIPPINES
Manila

BY THE PRESIDENT OF THE PHILIPPINES

PROCLAMATION NO. 1088

DISSOLVING THE TRUST CALLED CULTURAL CENTER OF THE PHILIPPINES CREATED UNDER EXECUTIVE ORDER NO. 30 DATED JUNE 25, 1966, AND TRANSFERRING ALL ITS RPOPERTIES, RIGHTS AND INTERESTS AS WELL AS ITS OBLIGATIONS TO A NON-MUNICIPAL PUBLIC CORPORATION OF THE SAME NAME CREATED UNDER PRESIDENTIAL DECREE NO. 15 DATED OCTOBER 5, 1972.

WHEREAS, Section 5 of Presidential Decree No. 15 dated October 5, 1972, ordains that “within 60 days from the approval of this Act [decree], the President of the Philippines shall issue a proclamation declaring the dissolution of the trust created by Executive Order No. 30 dated June 25, 1966, known as the Cultural Center of the Philippines, and transferring all the properties including the Cultural Development Fund at present managed by an investment bank and a parcel of land covered by Presidential Proclamation No. 316 dated December 15, 1967, as well as all obligations therefor to the new Center created herein”; and

WHEREAS, Section 10 of the same presidential decree likewise provides that the corporation thereon created “shall succeed to all rights, title and interests of the trust created by Executive Order No. 30 dated June 25, 1966, known by the same name, to properties of all classes within the territory of the Philippines and shall assume all its obligations upon proclamation by the President of the dissolution of the trust and transfer of all rights and obligations to the corporations”;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution as Commander-in-Chief of the Armed Forces of the Philippines, and pursuant to Proclamation No. 1081 dated September 21, 1972, and Sections 5 and 10 of Presidential Decree No. 15 dated October 5, 1972, do hereby dissolve the trust created by Executive Order No. 30 dated June 25, 1966, known as the Cultural Center of the Philippines, and transfer all its properties, rights and interests of all classes within the territory of the Philippines, including the Cultural Development Fund at present managed by an investment bank and the parcel of land covered by Presidential Proclamation No. 316 dated December 15, 1967, as well as all its obligations, to the Cultural Center of the Philippines created under said presidential decree as a non-municipal public corporation.

IN WITNESS WHEREOF, I have hereunto set my hand and caused the seal of the Republic of the Philippines to be affixed.

Done in the City of Manila, this 30th day of October, in the year of Our Lord, nineteen hundred and seventy-two.

(SGD.) FERDINAND E. MARCOS
President of the Philippines

By the President:

(SGD.) RONALDO B. ZAMORA
Assistant Executive Secretary

Source: CDAsia