NPC, all streams, lakes and springs in the Philippines where power may be developed, subject to existing rights. In 1960, under Republic Act No. 2641, it was converted into a wholly government-owned stock corporation with a capitalization of ₱100 million. Revising the Charter The authorized capital stock was increased to ₱250 million under Republic Act No. 3043 passed on June 17, 1961, and was further increased to ₱300 million under Republic Act No. 4897 approved on June 17, 1967. A major event in the corporate existence of the NPC was the passage on September 9, 1971, of Republic Act. No.6395 which gave birth to a revised charter for NPC. Under the revised charter, the activities and functions of the corporation were decentralized and carried out by three regional offices to be established in Luzon, Visayas and Mindanao. The charter, likewise, extended the corporate life of NPC up to the year 2036. NPC placed in charge of electrifying the Philippines With the government's aim of promoting the economic welfare of the country through the attainment of total electrification, especially in rural areas, Presidential Decree No. 40 was issued on November 7, 1972, for the setting up of island grids with central/linked-up generating facilities and cooperatives for the distribution of power. The NPC, as the authorized implementing agency of the state, was entrusted with the responsibility of setting up transmission line grids and the construction of associated generating facilities in Luzon, Mindanao, and major islands of the country, including the Visayas. In January 1974, President Ferdinand Marcos issued Presidential Decree No. 380 placing the NPC directly under the Office of the President. The move was intended to make the NPC a more efficient implementing arm of the government in the conservation and utilization of water resources and in the total electrification of the country. The Decree further boosted NPC's capitalization to ₱2 billion and its principal indebtedness, exclusive of interest, to ₱3 billion. In December 1975, pursuant to the continuing effort of the President to make the government machinery more attuned and responsive to the needs of the service and of the people, the President decided to attach the NPC to the Department of Public Works, Transportation and Communication. The transfer was effected by Letter of Implementation No.31 dated December 11, 1975, pursuant to Presidential Decree No.830 dated November 27, 1975, which extends ‘flexible and continuing authority to the President to restructure