Definition of Terms.
Section 41
SEC. 41. Definition of Terms.— 1) Act.—Whenever used in this Act, shall refer to the enabling Act creating the Laguna Lake Development Authority; 2) Authority.—Whenever cited in this Act shall mean the Laguna Lake Development Authority; 3) Board.—The word Board shall always refer to the Board of Directors of the Laguna Lake Development Authority; 4) Region.—The word Region in this connection mean the Laguna Lake area proper comprising the provinces of Rizal and Laguna and the cities of San Pablo, Manila, Pasay, Quezon and Caloccan; 5) Government instrumentalities or agencies or entities.—Whenever used in this Act shall mean instruments of the national or local governments vested with powers to accomplish a definite government aim or purpose; 6) Municipal Corporation.—Whenever used in this Act shall mean one that is organized for political purposes with political powers exercised for the good of the public, subject to legislative control and with officers of the government as its members to administer or discharge public duties; 7) Government Corporation.—Whenever used shall refer to corporations engaged in performing functions impressed with public interest; 8) Investor.—With regards to this Act, investors shall include public and private investors whether foreign or local; 9) External Auditor.—Shall mean a firm or a person hired outside the Authority or agency to audit the books of accounts of another corporation or agency; examine financial records, prepare audit reports on findings in the operation of the agency; review the statement on the performance report of the Authority. 10) Subsidiary Corporation.—A corporation that is organized or a corporation already in existence wherein at least fifty-one per cent of its shares of stock are owned or controlled by the organizing or subscribing Authority, in this case, the Laguna Lake Development Authority, to carry out or accomplish its purposes.