Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails.・Read the official text ↗
Authority Directly Under the National Economic Council.
SEC. 29. Authority Directly Under the National Economic Council.—Any provisions of law to the contrary notwithstanding, the Company shall operate as an independent corporation subject only to the supervision of the National Economic Council.
Auditing.
SEC. 30. Auditing.—The Auditor General shall be ex-officio auditor in charge of the auditing office of the Company. He shall appoint a representative who shall be the auditor thereof. The Auditor General shall, upon the recommendation of the auditor of the Company, appoint or remove the other officials and personnel of the auditing office in accordance with the merit system of the Company. The operating expenses of this office and the salaries and traveling expenses of the officials and employees thereof shall be fixed by the Board and paid by the Company. Internal auditing of the accounts and transactions of the Company shall be its sole responsibility. Audit by the Auditor General shall be conducted on a post-audit basis and the Company shall be entitled to disburse funds without prior approval from the Auditor General. The result of such audit shall be transmitted to the Board through the Chairman and to the Preside and the Congress of the Philippines.
Separability Clause.
SEC. 31. Separability Clause.—The provisions of this Act hereby declared to be separable, and in the event one or more of such provisions are held unconstitutional, they will not affect the validity of other provisions.
Laws repealed.
SEC. 32. Laws repealed.—All Acts, charters, executive orders administrative orders, rules and regulations, or parts thereof in conflict with this Act are hereby repealed or modified accordingly.
Effectivity.
SEC. 33. Effectivity.—This Act shall take effect upon its approval. Approved, June 18, 1966.
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).