Declaration of Policy.
SECTION 1. Declaration of Policy.—It is hereby declared to be the policy of Congress to promote the balanced and accelerated growth of the Bicol Region within the context 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 implement the approved plans and programs of the National Economic Council and/or to draw the necessary plans for the development of the Region, provide leadership therefor, and coordinate and integrate the diverse efforts of various public and private enterprises engaged in the development of the Region, and whenever necessary, to undertake the activities essential to said development.
Bicol Development Company created.
SEC. 2. Bicol Development Company created.—For the purpose of carrying out and effecting the declared policy provided for in Section One hereof, there is hereby created a body corporate to be known as the Bicol Development Company, hereinafter referred to as the Company, which shall be organized within ninety days after the approval of this Act. The Company shall exercise the powers expressly granted under this Act and perform such functions as are necessary for carrying out its objectives and purposes. This Act may be cited as the "Bicol Development Company Act."
Incorporation.
SEC. 3. Incorporation.—The Company shall be deemed organized upon the first meeting of the Board of Direct and the directors who attended the first meeting shall be deemed the incorporators.
Principal Office; Subsidiary Corporation.
SEC. 4. Principal Office; Subsidiary Corporation.—The principal office of the Company shall be in the City of Legaspi but subsidiary corporations organized in accordance with this Act in the six provinces of the region shall have their principal offices in the capitals of the provinces concerned. Branches and agencies may be established in such other places as may be necessary for the proper conduct of their business.
CHAPTER IIPURPOSES AND OBJECTIVES
