Memorandum Order No. 401, issued on October 10, 1996, directs the Asset Privatization Trust (APT) to implement Executive Order No. 345, which abolishes the Board of Liquidators (BOL). APT is tasked with transferring all functions, records, equipment, assets, liabilities, and personnel of the BOL within 30 days. Additionally, APT must assume the responsibilities of the BOL's Board of Directors and submit a final report detailing the transfer within 15 days after completion. This order emphasizes the need for strict compliance with these directives.
October 10, 1996
MEMORANDUM ORDER NO. 401
DIRECTING THE IMPLEMENTATION OF EXECUTIVE ORDER NO. 345, SERIES OF 1996, ENTITLED "TRANSFERRING THE BOARD OF LIQUIDATORS (BOL) FROM THE NATIONAL DEVELOPMENT COMPANY (NDC) TO THE ASSET PRIVATIZATION TRUST (APT) TO EFFECT ITS ABOLITION"
In order to implement Executive Order No. 345, series of 1996, which mandated the abolition of the Board of Liquidators (BOL), the Asset Privatization Trust (APT) is hereby directed to:
a) Complete the transfer of the functions, records, equipment, facilities, assets and liabilities and personnel of BOL within thirty (30) days from issuance hereof;
b) Immediately assume the functions of the Board of Directors of the BOL; and
c) Submit to this Office a final report within fifteen (15) days from completion of the transfer;
For strict compliance.