AMENDING CERTAIN PROVISIONS OF REPUBLIC ACT NUMBERED THIRTEEN HUNDRED AND EIGHTY-SEVEN, AS AMENDED BY REPUBLIC ACT NUMBERED EIGHTEEN HUNDRED AND NINETY-THREE AND REPUBLIC ACT NUMBERED THIRTY-EIGHT HUNDRED AND SIXTY-EIGHT, RELATING TO, THE CORPORATE POWERS OF THE MINDANAO STATE UNIVERSITY.

• Number: Presidential Decree No. 250
• Sections: 3

Preamble

WHEREAS, the basic and primordial aim of the Government is

the economic development of the entire country;

WHEREAS, the Government has realigned its efforts towards

trade promotion and tourism development;

WHEREAS, tourism properly deserves the Government's

immediate and preferential attention in the form of capital investments in

private corporations engaged in the operation and development of tourist

spots;

WHEREAS, there are government-owned and controlled

corporations with idle resources and assets;

WHEREAS, the Mindanao State University has idle assets and

resources which could he used for economic development; and

WHEREAS, the corporate powers of the Mindanao State

University as provided for in Republic Act Numbered Thirteen hundred

and eighty-seven, as amended, are not flexible enough to allow the investment of

these idle resources to endeavors geared towards, trade and tourism

development;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the

Philippines, by virtue of the powers vested in me by the Constitution as

Commander-in-Chief of all the Armed Forces of the Philippines, and pursuant to

Proclamation No. 1081, dated September 21, 1972 continued in Proclamation No.

1104, dated January 17, 1973, and General Order No. 1, dated September 22, 1972,

as amended, do hereby order and decree:

Section 1

SECTION 1. Republic Act numbered thirteen hundred and

eighty-seven, as amended by Republic Act numbered eighteen hundred and

ninety-three and Republic Act numbered thirty-eight hundred and sixty-eight, is

hereby further amended by adding the following Section after Section five

thereof, which reads as follows:

"SEC. 5-A. The Mindanao State University through the Board

of Regents, is hereby authorized to invest its resources not otherwise

appropriated, in the capital stocks of corporations engaged in the promotion and

development of tourism which include but not limited to corporations operating

and managing hotels, resorts and the like. The University, through the Board of

Regents, is further empowered to convey idle lands and dispose of its idle

assets in order to effectuate the foregoing authority. The Board of Regents

shall have the sole power to determine the corporation or corporations in which

the University shall invest its available resources."

Section 2

SEC. 2. This Decree shall take effect immediately.

Done in the City of Manila, this 21st day of July, in the year of Our Lord,

nineteen hundred and seventy-three.

(Sgd.) FERDINAND E. MARCOS

President

Republic of the Philippines

By the President:

(Sgd.) ALEJANDRO MELCHOR

Executive Secretary