SECTION 1. Section 8 of Republic Act No. 10742, otherwise known as the "Sangguniang Kabataan Reform Act of 2015", is hereby amended to read as follows:
"SEC. 8. Powers and Functions of the Sangguniang Kabataam. - The Sangguniang Kabataan shall:
(a) In consultation and with the concurrence of the Katipunan ng Kabataan, and within three (3) months from their assumption to office, formulate a three (3)-year rolling plan, which shall be known as the Comprehensive Barangay Youth Development Plan, which shall serve as basis in the preparation of the Annual Barangay Youth Investment Program. This plan shall be aligned with the Philippine Youth Development Plan (PYDP) and other Local Youth Development Plan in every level, municipal, city and provincial as is relevant;
"x x x;
"(e) Hold fund-raising activities which are in line with the Comprehensive Barangay Youth Development Plan, the proceeds of which shall be tax-exempt and shall accrue to the general fund of the Sangguniang Kabataan: Provided, however, That in the appropriation thereof, the specific purpose for which such activity has been held shall be first satisfied: Provided, further, That any appropriation thereof shall be in accordance with existing applicable budget, accounting and auditing rules and regulations, such as those issued by the Department of Budget and Management (DBM) and the Commission on Audit (COA);
"x x x"
"(j) Within sixty (60) days from their assumption to office, the Sangguniang Kabataan shall:
"(1) Formulate and approve its internal rules and procedures;
"(2) Appoint its secretary and treasurer; and
"(3) Set the schedule of regular Sanggunaing Kabataan meetings and Katipunan ng Kabataan assemblies; and
"(k) Exercise such other powers and perform such other functions as may be prescribed by law or ordinance, or delegated by the Sangguninang Barangay or the Commission."