Declaration of policy.
SECTION 1. Declaration of policy.—It is hereby declared to be the policy of Congress to foster the accelerated and balanced program of Mountain Province, within the context of national plans and policies for social and economic development through the leadership, guidance and support of the government. To achieve this end, it is recognized that a government corporation should be created to draw up the necessary plans for regional development; provide leadership in the setting up of pioneering or groundbreaking industrial and agricultural enterprises; coordinate or integrate the diverse efforts of the various public and private entities directly engaged in implementing plans and projects affecting power, manufacturing, mining, transportation and communication, conservation, resettlement, education, extension work, health and other activities leading to the rapid socio-economic growth of the province; and extend or facilitate the extension of financial, management and technical support to worthwhile industrial and commercial ventures within the province.
Mountain Province Development Authority created.
SEC. 2. Mountain Province Development Authority created.—There is hereby created a body corporate to be known as the Mountain Province Development Authority hereinafter referred to as the Authority, which shall he organized sixty days after the approval of this Act. The Authority shall execute the powers and functions herein vested and conferred upon it in such manner as will, in its judgment, aid to the fullest possible extent in carrying out the aim and purposes set forth below. This Act may be cited as the Mountain Province Development Authority Act of 1964.
Incorporation.
SEC. 3. Incorporation.—The members of the Board of Directors first appointed shall be deemed the incorporators and the incorporation shall be held to have been effected from the date of the first meeting of such Board.
Location of principal office.
SEC. 4. Location of principal office.—The Authority shall maintain its principal office at a convenient place within Mountain Province, but it may have branch offices in other places as are necessary for the proper conduct of the business. After the selection of the location of the principal office or in the event it later makes a change in such location, the Authority shall publish a notice of such selection or change in the Official Gazette.
