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PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Republic Acts :
REPUBLIC ACTS
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REPUBLIC ACT NO. 3054 - AN ACT
CREATING THE CENTRAL LUZON-CAGAYAN VALLEY AUTHORITY |
Section 1. Purposes —
The purposes of this Act are: (a) To provide for the irrigation of thousands of hectares of agricultural land in Cagayan Valley and Central Luzon; (b) To provide electric power in said regions for industrial development and domestic uses; (c) To provide navigation; and (d) To control destructive floods in said areas by harnessing the Cagayan, Abra, and Pampanga rivers and their tributaries in an all-out economic and agricultural development of the regions to be served by said rivers. Sec. 2. Central Luzon-Cagayan Valley Authority
created; duration; principal office; board of directors, their number,
appointment and term of office. — (a) In order to achieve the purposes
of this Act as declared in the preceding section, there is hereby
created a body corporate by the name of "Central Luzon-Cagayan Valley
Authority," hereinafter referred to as CLCVA, which shall have its
principal place of business in the City of Manila and shall exist for a
period of fifty years. The corporate powers of the CLCVA shall be
vested in, and exercised by, a board of directors, hereinafter referred
to as the Board, composed of five members, all of whom shall be
qualified and registered engineers, to be appointed by the President of
the Philippines with the consent of the Commission on Appointments. In
appointing members of the Board, the President shall designate the
chairman and vice-chairman thereof. The vice-chairman of the Board
shall be the general manager of the CLCVA. Sec. 3. Officers and employees and their
compensation; audit. — (a) The general manager shall
be the chief executive officer of the CLCVA and shall receive a salary
of not exceeding twenty-four thousand pesos per annum to be fixed by
the Board and who shall direct and manage the affairs and business of
the CLCVA subject to the control and supervision of the Board. Sec. 4. Corporate powers generally. — Except as
otherwise specifically provided in this Act, the CLCVA — Sec. 5. Other powers of the Board. — (a) he CLCVA
may request the assistance and advice of any officer or employee in the
executive department to enable the Corporation the better to carry out
its powers successfully, and as far as practicable, to utilize the
services of such officers and employees, and the President shall, if in
his opinion the public interest, service, or economy so require, direct
that such assistance, advice, and service be rendered to the CLCVA, and
any individual that may be, by the President, directed to render such
assistance, advice, and service shall be thereafter subject to the
orders, rules, and regulations of the Board. Sec. 6. Capital Stock. — The capital stock of the CLCVA shall be two hundred million pesos divided into two hundred thousand shares having a par value of one thousand pesos each. The said capital stock shall be fully subscribed by the Government of the Republic of the Philippines. One hundred thousand shares of such capital stock shall be paid from the proceeds of the sale of reparations goods and services, the provisions of Section three of Republic Act Numbered Seventeen eighty-nine to the contrary notwithstanding, and the remainder of such capital stock shall be paid from the sale of bonds redeemable in twenty years from the date of issue thereof and bearing interest not exceeding four per cent per annum. Such bonds shall be issued and sold in amounts and prices by the Central Bank of the Philippines, but all such bonds so issued and sold shall have equal rank. None of said bonds shall be sold below par, and no fee, commission, or compensation whatever shall be paid to any person, firm or corporation for handling, negotiating the sale, or selling said bonds. All funds derived from the sale of such bonds shall be used to purchase the shares of stock of the CLCVA as authorized in this section. Sec. 7. Advance of funds to the CLCVA. — The Central Bank shall advance such sums of money as may be necessary and applied for by the CLCVA to effect the purposes of this Act to be guaranteed by the reparations payments described in Section six of this Act. Sec. 8. Preliminary survey and investigations; reports. — Within six months after the initial organization of the CLCVA, the Board shall appoint a special technical committee from its personnel to undertake a preliminary survey and investigation of the project envisioned under this Act, after which, a complete and detailed report of its findings and recommendations shall be submitted immediately by the Board to the President and to each presiding officer of the Congress. Thereafter, the Board shall file with the said officers, in December of each year, a financial statement and a complete report as to the business of the CLCVA covering the preceding governmental fiscal year. Sec. 9. Exemption to payment of taxes. — The CLCVA, its property and income are hereby expressly exempted from taxation in any manner or form by the Government or any of its entities or instrumentalities. Sec. 10. Disposition of net proceeds from operation of the CLCVA. — The proceeds of each fiscal year derived by the Board from the sale of power and from any other activities of the CLCVA including the disposition of any real or personal property, shall be paid into the National Treasury at the end of each calendar year, save and except such part of such proceeds as in the opinion of the Board shall be necessary for the CLCVA in the operation of dams and reservoirs, in conducting its business in generating, transmitting, and distributing electric energy. Sec. 11. Sale of surplus lands. — Any land purchased by the CLCVA and not necessary to carry out plans and projects actually decided upon shall be sold by the CLCVA as agent of the Government, after due advertisement, at public auction to the highest bidder: Provided, That if the former owner of such land desires to buy back the same, such land shall be resold to him at the purchase price. Sec. 12. Separability clause. — The provisions of this Act are hereby declared to be separable, and in the event any one or more of said provisions be held unconstitutional, the same shall not affect the validity of other sections of this Act. Sec. 13. Appropriations. — The sum of five hundred thousand pesos, or much thereof as may be necessary, is hereby authorized to be appropriated out of any funds available in the National Treasury not otherwise appropriated, to defray the salaries of the Board members and personnel and the expenses of the initial surveys and investigations, authorized and directed to be undertaken in Section eight of this Act, Thereafter, and until the CLCVA's income from its business is sufficient to maintain and operate its activities, said sum shall be included in the Annual Appropriations Acts. Sec. 14. Effectivity. — This Act shall take effect
upon its approval. Approved: June 17, 1961 |
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