Section 1
SECTION 1. The Secretary of Agriculture and Commerce, the Secretary of Finance, and three other persons, who shall be the directors first appointed as hereinafter provided, are hereby created a body corporate and politic in deed and in law, by the name, style and title of "National Development Company," hereinafter called the corporation, to serve as an agency of the Commonwealth of the Philippines in the furtherance of its economic policies. The corporation shall have succession for a period of fifty years from and after the date of the approval of this Act. The principal office of the corporation shall be in the City of Manila, Philippines.