Section 6Sec./Art. 6

Reconveyance. - Within one (1) year upon the effectivity of this Act, all government agencies, except the BTr, and any person having Coconut Levy Assets and/or Fund in its administration, authority, custody, or control which have been finally declared by the Supreme Court as belonging to the government, shall perform or cause the performance of the following:

(1) Reconvey title to the Republic of the Philippines;

(2) Deliver all stock certificates and other evidence of ownership to the BTr for safekeeping; and

(3) Transfer all cash Coconut Levy Assets to the Trust Fund.

They shall likewise perform or cause the performance of the aforementioned acts on Coconut Levy Assets that may hereafter be recovered as belonging to the government to the benefit of the coconut farmers and the development of the coconut industry.

No temporary restraining order (TRO) or any injunction order can be issued on the aforementioned acts except by the Supreme Court.

Within thirty (30) days from the effectivity of this Act, the Presidential Commission on Good Government (PCGG) shall conduct a complete accounting and inventory of the Coconut Levy Assets, including the amount, value, description and nature of such funds, properties, assets, records, choses in action, and other rights, claims, or causes of action pertaining thereto, as well as the investments, disbursements and expenditures relating to the Coconut Levy Funds and submit a report to the Office of the President, the Trust Fund Management Committee, the Commission on Audit (COA), and the BTr.

Within thirty (30) days from the receipt of the PCGG inventory, the COA shall audit the accounting and inventory of Coconut Levy Assets to determine the completeness of said inventory, establish reasonableness of the asset valuation, trace the flow of the Coconut Levy Funds and to determine compliance with pertinent laws, rules and regulations on the reconveyance of the Coconut Levy Assets and/or Fund to the Republic.

Within one (1) year from the submission of the accounting and inventory of the Coconut Levy Assets, the COA shall submit to the Trust Fund Management Committee its audit report, together with a complete list of Coconut Levy Assets and their valuation, and the empirical basis and the methodologies employed for the said valuation.

The Committee shall, within fifteen (15) days from its receipt of audit report, publish the same in at least two (2) newspapers of national circulation. Nothing herein shall be construed as preventing the DDEs from procuring a third-party appraisal of any of the Coconut Levy Assets prior to or in the course of preparing the privatization or disposition plans for the said assets.

V

COCONUT FARMERS AND INDUSTRY TRUST FUND