Bicol Development Company created.
Section 2
SEC. 2. Bicol Development Company created.—For the purpose of carrying out and effecting the declared policy provided for in Section One hereof, there is hereby created a body corporate to be known as the Bicol Development Company, hereinafter referred to as the Company, which shall be organized within ninety days after the approval of this Act. The Company shall exercise the powers expressly granted under this Act and perform such functions as are necessary for carrying out its objectives and purposes. This Act may be cited as the "Bicol Development Company Act."