[ SRA SUGAR ORDER NO. 12-A, June 24, 2010 ]
AMENDMENT TO SUGAR ORDER NO. 12, DATED 18 JUNE 2010, SERIES OF 2009-2010 RE: ADVANCE SWAPPING OF A OR U.S. QUOTA SUGAR PRODUCED DURING CROP YEAR 2009-2010 INTO B OR DOMESTIC SUGAR
WHEREAS, there is a need to amend paragraph 2 of Section 2, of Sugar Order No. 12, Series of 2009-2010 relative to the issuance of bond upon submission of the A quedan-permits for advance swapping;
NOW, THEREFORE under and by virtue of the powers vested in the Sugar Regulatory Administration, it is hereby ordered that:
SECTION 1. Paragraph 2 of Section 2 under Sugar Order No. 12, series of 2009-2010 is hereby amended to read as follows:
Section 2. In addition, a bond of EIGHT HUNDRED PESOS (P800.00) per Lkg-bag either in cash or company s check with accompanying bank guarantee (please see attached form) referring to the check number thereof, shall be paid to/issued in the name of the Sugar Regulatory Administration (SRA), dated April 01, 2011, upon submission of the A quedan-permits for processing, and wherein said bond shall be forfeited in favor of the SRA in the event the applicant fails to replenish the total volume of A sugar approved for advances swapping, with the corresponding B sugar not later than March 31, 2011 of Crop Year 2010-2011.
SECTION 2. Other provisions of Sugar Order No. 12, series of 2009-2010 shall remain in full force and effect.
SECTION 3. This Sugar Order shall take effect immediately.
SECTION 4. Provisions of sugar orders, circular letters, rules and regulations inconsistent with or contrary to this Sugar Order are hereby revoked, amended or modified accordingly.
BY AUTHORITY OF THE SUGAR BOARD:
(SGD.) BERNARDO C. TREBOL
Administrator