Creation of the Bases Conversion and Development Authority.
Section 3
SEC. 3. Creation of the Bases Conversion and Development Authority. - There is hereby created a body corporate to be known as the Bases Conversion and Development Authority, hereinafter referred to as the Conversion Authority, which shall have the attribute of perpetual succession and shall be vested with the powers of a corporation. It shall be organized within thirty (30) days after approval of this Act. It shall have a term of fifty (50) years from its organization: Provided, That Congress, by a joint resolution, may dissolve the Conversion Authority whenever in its judgment the primary purpose for its creation has been accomplished. It shall establish its principal office in Metropolitan Manila unless otherwise provided by the Conversion Authority and may put up such branches as may be necessary.