Memorandum Order No. 105




MALACAÑAN PALACE MANILA BY THE PRESIDENT OF THE PHILIPPINES [ Memorandum Order No. 105, August 17, 1987 ] IMPLEMENTING EXECUTIVE ORDER No. 193 PROVIDING FOR THE ABOLITION OF THE NATIONAL COAL AUTHORITY It is hereby ordered that: 1. The Board of Liquidators shall immediately undertake the liquidation and/or disposition of the assets and liabilities of the National Coal Authority which was abolished under Executive Order No. 193 dated June 10, 1987, of the President of the Philippines. 2. The skeleton force now existing in the National Coal Authority shall continue to perform such functions and duties under the administrative supervision of the Board of Liquidators. 3. Subject to the provisions of existing laws and with the approval of the President of the Philippines, the Board of Liquidators shall sell, lease, transfer, assign, or otherwise dispose of the properties and other assets of the National Coal Authority and the proceeds derived therefrom shall be used in the settlement of all outstanding obligations of the National Coal Authority, including operational expenses in accordance with the priorities established by law. 5. The records, assets, liabilities and other pending works of the National Coal Authority are hereby transferred to the Board of Liquidators. 6. The net proceeds derived from the liquidation of all the assets of the National Coal Authority shall be turned over by the Board of Liquidators to the National Treasury to form part of the general fund of the National Government.1aшphi1 7. This order shall take effect immediately. By authority of the President: (Sgd.) CATALINO MACARAIG, JR. Deputy Executive Secretary Manila, August 17, 1987. The Lawphil Project - Arellano Law Foundation