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PRESIDENTIAL DECREE NO. 520
PRESIDENTIAL DECREE NO. 520
- AUTHORIZING THE CENTRAL BANK OF THE PHILIPPINES TO CONSTRUCT AN
INTERNATIONAL CONFERENCE CENTER BUILDING, ACQUIRE A SUITABLE SITE FOR
THE PURPOSE, ORGANIZE A CORPORATION WHICH WILL MANAGE AND ADMINISTER
THE SAID CENTER AND FOR OTHER PURPOSES
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WHEREAS, it
is the policy of the Government to make Manila one of the financial
centers of this region;chanroblesvirtualawlibrary
WHEREAS, the holding of conferences of international financial and
economic institutions in Manila is a concrete manifestation of its
recognition by the international financial community as a financial
centers of this region;chanroblesvirtualawlibrary
WHEREAS, the most prestigious of the international financial
conferences is the joint annual meeting of the Board of Governors of
the International Monetary Fund (IMF) and the World Bank (IBRD) held
outside Washington, USA, every third year;chanroblesvirtualawlibrary
WHEREAS, a decision on the part of the two institutions to hold a joint
conference of their organizations in Manila would go along way towards
establishing Manila as a financial center of Asia; chanroblesvirtualawlibrary
WHEREAS, other inter-governmental bodies and specialized agencies of
the United Nations have expressed their desire to hold their
conferences in the Philippines;chanroblesvirtualawlibrary
WHEREAS, Manila at present lacks the facilities from the standpoint of
adequacy to meet the requirements of the conferences of such
international institutions;chanroblesvirtualawlibrary
WHEREAS, the Central Bank of the Philippines, as the principal
institution through which the IMF and IBRD deal with the Philippine
Government and as the leading public financial institution of this
country, in the best position to cause the necessary arrangements to be
made. chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue to the powers vested in me by the Constitution, do hereby
decree and order the following as part of the law of the land:cralaw:red
Section 1. The provisions of general and special laws
to the contrary notwithstanding, the Central Bank of the Philippines is
hereby authorized to establish an International Conference Center
suitable for the holding of international conferences, meetings and the
like. For this purpose, it is likewise authorized to acquire a suitable
site upon which to construct such buildings and physical facilities as
are deemed necessary for its proper operation.
Section 2. In order for the International Conference
Center to enjoy autonomy of operation, separate and distinct from that
of the Central bank, the latter is hereby authorized to organize a
corporation to be known as the Manila International Conference Center
which will manage and operate the former, the capital of which shall be
fully subscribed by the Central Bank.
The governing powers and authority of the corporation shall be vested
in, and exercised by, a Board of Directors composed of the Central Bank
Governor as Chairman, the Senior Deputy as Vice Chairman, and five
other members to be designated by the Monetary Board.
The Board of Directors shall promulgate the rules and regulations in a
Code of By-Laws which shall be passed by the affirmative vote of
majority plus one of all members, governing the Manila International
Conference Center, providing for, among other things, the organization,
regular, special and annual meetings of the Board, its officers, and
their powers and duties. Amendment thereto shall likewise be made by a
similar vote of the members at any meeting of the Board duly
convened. chanroblesvirtualawlibrary
Section 3. The corporation authorized herein to be
created shall have the power to sue and be sued; to contract and be
contracted with; to own, manage and hold such real and personal
property as shall be necessary for corporate purposes; to grant to any
person or firm such concession or concession rights on space or
property within the Conference Center for purposes essential or
appropriate to its operation upon such terms and conditions as its
Board may deem proper; to receive real and personal property by gift,
devise, or bequest; to determine, fix, impose, collect and receive fees
or rentals for the use of any of the property under its management and
control; to invest its funds or other assets in such undertakes as it
may deem wise or necessary to carry out its purposes and objectives; to
adopt a seal and alter the same; to adopt by-laws, rules and
regulations not inconsistent with the provisions of this Decree; to do
all such acts and things as may be necessary to carry into effect the
provisions of this Decree; and, generally to exercise all the powers of
a corporation under the Corporation Law (Act 1459, as amended) insofar
as they are inconsistent with the provisions of this
Decree. chanroblesvirtualawlibrary
The Chairman, with the confirmation of the Board, shall have the power
to appoint all officers, staff and personnel of the Conference Center
with such compensation as may be fixed by the Board. Officials and
employees of the Center shall be exempt from the coverage of the Civil
Service law and Rules.
Section 4. In the construction of the International
Conference Center, the Central Bank shall be exempt from the
requirements of general public bidding as provided in Executive Order
No. 298, series of 1940, and in related orders and regulations.
In view of the foreign exchange earnings to be derived from the
operations of the International Conference Center, the Central Bank
shall likewise be exempt from all forms of taxation and from duties and
all other imposts on any materials, equipments, articles, goods and
services that it may import from abroad for use in the said
construction, the provisions of the Tariff and Customs Code, as
amended, and the Internal Revenue Code, as amended, and other existing
laws to the contrary notwithstanding. chanroblesvirtualawlibrary
Section 5. The Chairman shall submit to the Monetary
Board at the end of every calendar year an annual report containing the
activities of the corporation and showing clearly its exact financial
condition, the sources of all receipts, and the purpose of all
disbursements.
Section 6. The provisions of the Corporation Law, as
amended, not inconsistent with the Decree shall be applicable to the
corporation authorized to be created herein on matters not covered by
the latter.
Section 7. This Act shall take effect upon its
approval.
DONE in the City of Manila,
this 23rd day of July, in the year of Our Lord, nineteen hundred and
seventy-four.
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