SECTION 1. Section 7 of Republic Act No. 7820 is hereby amended to read as follows:
"SEC. 7. The Board of Directors. - The affairs and business of the Administration shall be directed and its properties managed and preserved unless otherwise provided by this Act by a Board of Directors hereinafter referred to as the 'Board'.
Composition of the Board. -
The Board shall have twenty-two (22) members:
The ten (10) mayors of the member-municipalities, as ex officio members;
One (1) private sector representative from each of the member-municipalities selected from among duly organized nongovernmental organizations (NGOs) and sectoral associations, such as, but not limited to farmers, fishermen, businessmen, youth, women, etc., whose terms of office shall be two (2) years; and
The incumbent member of the House of Representatives representing the third congressional district of the Province of Camarines Sur, and the Administrator as ex officio members.
Quorum and voting. -
The chairman of the Board who shall have a term of two (2) years shall be elected by the Board from among themselves. The members of the Board shall have one (1) vote each. A majority of the members shall constitute a quorum. A decision shall, as far as practicable, be reached by consensus. If no consensus is reached, a decision shall be arrived at upon a vote of the majority of all members of the Board constituting the quorum.
Powers and functions of the Board. �
The Board shall:
Formulate policies, develop programs, and promulgate rules and regulations to carry out the powers and functions of the Administration;
Approve each year a budget to cover the operations of the Administration based upon the:
Income from the Administration's investments and projects in member-municipalities; and
Paid-up capital and additional paid-up subscriptions.
Fix compensations, emoluments and allowances of the Administrator and other officers and personnel of the Administration;
Approve appointment of all heads of departments and divisions of the Administration, upon the recommendation of the Administrator subject to existing Civil Service Law, rules and regulations; and
Perform such other functions as may be necessary to carry out the purposes of this Act or as may be provided in other sections of this Act."