Section 22
SEC. 22. Subsidiaries — The Authority shall have the power to form, establish, organize and maintain subsidiary corporation or corporations. Such subsidiary or subsidiaries shall be formed in accordance with the Philippine Corporation Law and existing rules and regulations promulgated by the Securities and Exchange Commission, unless otherwise provided in this Decree. In all cases, the Authority shall own initially at least fifty-one (51%) per centum of the capital stock of each subsidiary. A subsidiary of the Authority shall have a Board of Directors of at least five (5) members of which at least one director shall be elected from among the members of the Board of Directors of the Authority. In addition, the Chief of Executive Officer of the Authority, or his duly designated representative from the Authority shall be an ex-officio member of the Board of Directors of each subsidiary established by the Authority. Such subsidiaries shall be exempt from the coverage of the Civil Service Decree, rules and regulations, and Office of Compensation and Position Classification.