Oil Industry Commission.
Section 3
SEC. 3. Oil Industry Commission.— To implement the national policy and attain the objectives and purposes of this Act, an independent Commission is hereby created, which shall be known as the Oil Industry Commission, and shall be organized within sixty days after the approval of this Act. The Commission shall be composed of a Chairman and four Associate Commissioners. The Chairman and the Associate Commissioners shall be natural-born citizens and residents of the Philippines. In addition, the Chairman shall possess all the qualifications of a Justice of the Supreme Court and the Associate Commissioners shall be at least thirty-five years old, of good moral character and of recognized competence in the field of economics, finance, banking, commerce, industry, agriculture, engineering, management, law or labor. They shall be appointed by the President of the Philippines, with the consent of the Commission on Appointments. No person who has worked within three years immediately prior to his appointment or is working in any firm engaged in the petroleum industry or any other entity whose main business is directly related to any such firm shall be appointed to the Commission. The term of office of the Chairman and the Associate Commissioners shall be four years, but the first Chairman appointed shall hold office for four years and of the first four Commissioners two shall hold office for a term of two years, and two for a term of three years. No person may be appointed to serve more than two successive terms. The Chairman and Associate Commissioners shall, upon assumption of office and within the month of January of every other year thereafter, as well as upon the expiration of their respective terms of office, or upon their resignation or separation from office, prepare and file with the offices of the President, the President of the Senate and the Speaker of the House of Representatives a true, accurate, complete, detailed and sworn statement of assets and liabilities, including a statement of amounts and sources of income, amounts of personal and family expenses, and amounts of income taxes paid for the next preceding calendar year: Provided, That the first statement may be filed within the month of January next following if the Chairman or Associate Commissioner concerned assumes office less than two months before the end of the calendar year. Three members of the Commission shall constitute a quorum and the vote of three members shall be necessary for the adoption of any rule, ruling, order, resolution decision or other act of the Commission. The Commission shall hold office in the City of Manila, or at such other place as the President of the Philippines may designate.