Reorganizational Changes.
Section 16
SEC. 16. Reorganizational Changes.— Department of Trade.—The Shipping and Freight Study Unit of the Department of Trade is hereby transferred to the Authority together with its applicable appropriations, records, equipment, property and such personal as may be necessary. Bureau of Transportation.—The powers and functions pertaining to the development and supervision of maritime shipping of the Bureau of Transportation for Water are hereby transferred to the Authority. Accordingly the Water Transportation Division of the Bureau is hereby abolished. National Development Company.—The powers and functions of the National Development Company relative to ship acquisition under Republic Act No. 1407, as amended, (Philippine Overseas Act of 1955) are hereby transferred to the Authority together with its applicable records, equipment and property. In addition to the powers and functions herein transferred, balances of all appropriations, funds, accounts and notes receivable derived from shipping companies, equipment, records and supplies are likewise transferred to the Authority.