RA 3856 CHAPTER 1—Creation and Organization of Corporation

Section 1–4 · 4 provisions

Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails.・Read the official text ↗

Section 1

SECTION 1. Declaration of Policy.&mdashIt is hereby declared to be the policy of Congress to adopt accelerated measures and to utilize to the maximum local resources and talent to bolster agro-industrial development through the leadership, guidance and support of the government. To this end, cognizant of the necessity of grouping together regional areas having similar economic and geographical basis, the provinces grouped together as one region comprising the Island of Panay, hereinafter referred to as the region, shall create a Regional Development Authority for the purpose of conducting economic surveys to determine its agricultural and industrial potentialities and mapping out and implementing plans and programs to effect the coordinated and integrated efforts of various government agencies as well as private entities engaged in activities conducive to rapid regional agro-industrial development; of proving active leadership in the establishment of pioneering industrial, agricultural or similar enterprises and lending financial, managerial and/or technical assistance to existing or prospective ventures within the region.

Section 2

SEC. 2. Creation and Organization&mdashThere is hereby created a body corporate to be known as the Panay Development Authority, hereinafter referred to as Authority, which shall be organized within sixty days after the approval of this Act. The Authority shall exercise such powers as are expressly granted under this Act and those necessarily implied therein and shall perform such functions as are necessary for carrying out its objectives and purposes.

Section 3

SEC. 3. Incorporation&mdashThe incorporation shall be deemed effected upon the first meeting of the Board of Directors and such directors as having attended such meeting shall be deemed the incorporators.

Section 4

SEC. 4. Principal Office&mdashThe Authority shall have its principal office at a convinient place within the region which shall be chosen by the Chairman-General Manager upon recommendation of the Board of Directors. Branch offices may also be maintained in such other places as are necessary for the efficient conduct of its business.

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Provisions on this page are reproduced verbatim from official open data. See the attribution line.

Source: Official Gazette of the Republic of the Philippines — Philippine laws are public documents (works of the government).