Declaration of Policy.
SECTION 1. Declaration of Policy.—It is hereby declared to be the policy of the Congress to foster the accelerated and balanced growth of the Province of Ilocos Sur, 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 for the purpose of drawing up the necessary plans for provincial development; providing leadership in the setting up of pioneering or ground-breaking industrial and agricultural enterprises; coordinating or integrating the diverse efforts of the various public and private entities directly engaged in implementing plans and projects affecting power, manufacturing, mining, transportation and communications, conservation, resettlement, education, extension work, health and other activities leading to the rapid socio-economic growth of the province; and extending or facilitating the extension of financial, management and technical support to worthwhile, industrial and commercial ventures within the province.
Ilocos Stir Development Authority created.
SEC. 2. Ilocos Stir Development Authority created.— There is hereby created a body corporate to be known as the Ilocos Sur Development Authority, hereinafter referred to as the Authority, which shall be organized within sixty days after the effectivity 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 aims and purposes set forth below. This Act may be cited as the Ilocos Sur Development Authority Act of 1969.
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 the province, but it may have branch offices in other places as are necessary for the proper conduct of its business. After the selection of the location of its principal office, the Authority shall publish notice of such selection or change in the Official Gazette.
