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PRESIDENTIAL DECREE NO. 250
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PRESIDENTIAL DECREE NO. 250 -
AMENDING CERTAIN PROVISIONS OF REPUBLIC ACT NUMBERED THIRTEEN HUNDRED
AND EIGHTY-SEVEN, AS AMENDED BY REPUBLIC ACT NUMBERED EIGHTEEN HUNDRED
AND NINETY-THREE AND REPUBLIC ACT NUMBERED THIRTY-EIGHT HUNDRED AND
SIXTY-EIGHT, RELATING TO, THE CORPORATE POWERS OF THE MINDANAO STATE
UNIVERSITY
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WHEREAS,
the basic and primordialm of the government in the economic development
of the entire country;chanroblesvirtualawlibrary
WHEREAS, the government has realigned its efforts towards trade
promotion and tourism development;chanroblesvirtualawlibrary
WHEREAS, tourism properly deserves the Government's immediate and
preferential attention in the form of capital investments in private
corporations engaged in the operation and development of tourist
spots; chanroblesvirtualawlibrary
WHEREAS, there are government-owned and controlled corporations with
idle resources and assets;chanroblesvirtualawlibrary
WHEREAS, the Mindanao State University has idle assets and resources
which could be used for economic development; and
WHEREAS, the corporate powers of the Mindanao State University as
provided for in Republic Act Numbered Thirteen hundred and
eighty-seven, as amended, are not flexible enough to allow the
investment of these idle resources to endeavors geared towards, trade
and tourism development;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution as
Commander-in-Chief of all the Armed Forces of the Philippines and
pursuant to Proclamation No. 1981 dated September 21, 1972, continued
in proclamation No. 1104 dated January 17, 1973, and General Order No.
1, dated September 22, 1972, as amended, do hereby order and
decree: chanroblesvirtualawlibrary
Section 1. Republic Act Numbered Thirteen hundred and
eighty-seven, as amended by Republic Act Numbered eighteen hundred and
ninety-three and Republic Act numbered thirty-eight hundred and
sixty-eight, is hereby further amended by adding the following section
after section five thereof, which read as follows:cralaw:red
"Sec. 5-A. The Mindanao State University through the
Board of Regents, is hereby authorized to invest its resources not
otherwise appropriated, in the capital stocks of corporations engaged
in the promotion and development of tourism which include but not
limited to corporations operating and managing hotels, resorts and the
like. The University, through the Board of Regents, is further
empowered to convey idle lands and dispose of its idle assets in order
to effectuate the foregoing authority. The Board of Regents shall have
the sole power to determine the corporation or corporations in which
the university shall invest its available resources."
Section 2. This decree shall take effect immediately.
Done in the City of Manila,
this 21st day of July, in the year of Our Lord, nineteen hundred and
seventy-three.
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