Section 12Sec./Art. 12

Management and Custodianship of the Trust Fund. - Any law to the contrary notwithstanding, the BTr is hereby designated as the depository of the Trust Fund. As depository, the BTr shall have the following functions:

(a) Hold, account, and collect on a timely basis all current and future income and other payments with respect to securities and other assets to which the Trust Fund shall be entitled to in the manner set forth by the DOF as Trust Fund Manager;

(b) Release and deliver out securities and other assets of the Trust Fund upon receipt of proper instructions from the Trust Fund Manager, specifying the securities or assets to be delivered out and the person or persons to whom the delivery is to be made;

(c) Release funds directly to the designated government implementing agencies pursuant to the implementation of the Coconut Farmers and Industry Development Plan as approved by the President under Section 4 of this Act; and

(d) Perform any act as may be directed by the Trust Fund Manager in accordance with the Investment Strategy set forth by the Trust Fund Committee.

All cash Coconut Levy Assets shall be invested in Philippine Government securities and other securities guaranteed by the National Government. On the other had, the BTr may hold, manage and invest non-cash Coconut Levy Assets, only upon approval of the DOF. Any income, earning or interest obtained from said investments shall be deposited to the Trust Fund Account.

The Trust Fund Management Committee is hereby directed to draft the implementing rules and regulations in order to effectuate Sections 9 to 11 of this Act.

VI

DISPOSITION OF NON-CASH COCONUT LEVY ASSETS