Sec. 2.    The Vice President of the Philippines, the President of the Senate, the Speaker of the House of Representatives, the Majority Floor Leader of the Senate, the Majority Floor Leader of the House of Representatives, the Minority Floor Leader of the Senate, the Minority Floor Leader of the House of Representatives, the Secretary of Health, the Secretary of Education, the President of the Manila Rotary Club, the President of the Manila Lions' Club, the President of the National Federation of Women's Clubs, the President of the Philippine Chamber of Commerce, the President of the Philippine Junior Chamber of Commerce, the President of the American Chamber of Commerce, the President of the Chinese Chamber of Commerce, Manuel V. Arguelles, Conrado Benitez, Agerico B. Sison, Antonio Nubla, Albino Sycip, Jose P. Marcelo, Gumersindo Garcia and Manuel I. Felizardo, all of Manila, Philippines, their associates and successors, are hereby created a body corporate and politic in deed and in law, by the name, style, and title of "The Science Foundation of the Philippines" (hereinafter called the Corporation). Vacancies among the above charter members shall be filled, and their associates and successors, shall be elected upon the sponsorship of any two of the charter members and the two-thirds secret vote of the others thereof. The principal office of the Corporation shall be in the City of Manila, Philippines. 

Sec. 3.    The said Corporation shall have perpetual succession, with power to sue and be sued; to hold such real and personal estate as shall be necessary for corporate purposes, and to receive real and personal property by gift, devise, or bequest; to adopt a seal, and to alter or destroy the same at pleasure; to make and adopt the by-laws, rules and regulations not inconsistent with the laws of the Philippines, and generally to do all such acts and things (including the establishment of regulations for the election of associates and successors) as may be necessary to carry into effect the provisions of this Act and promote the purposes of said Corporation.

Sec. 4.    The purposes of this Corporation shall be:

(a)    To initiate, promote, stimulate, solicit, encourage and support basic and applied scientific research in the mathematical, physical, medical, biological, engineering and other sciences, by means of grants, loans, and other forms of assistance to qualified persons and institutions applying for same;

(b)    To award scholarships and graduate fellowships in the mathematical, physical, medical, biological, engineering and other sciences;

(c)    To foster interchange of scientific information among scientists here and abroad;

(d)    Tod in the establishment of adequate scientific laboratories; and

(e)    To encourage, protect andd in the organization of science clubs and societies in the schools and colleges of the Philippines.

Sec. 5.    The governing body of said Corporation shall consist of a Board of Trustees composed of residents of the Philippines. Juan Salcedo, Jr., Camilo Osias, Raul T. Leuterio, Vidal A. Tan, M. V. Arguelles, Miguel Cuaderno, Sr., Agerico B. Sison, Antonio Nubla, and Jose P. Marcelo, shall constitute the first Board of Trustees; Provided, That at all times the majority of the succeeding members of the Board of Trustees shall be persons holding positions in the Government. The members of the Board of Trustees under this charter shall be divided into two groups by lot. The trustees of the first group shall serve for a term of three years, and those of the second group, for six years. Vacancies that may occur in the Board shall be filled, and successors to the first members of the Board of Trustees, shall be elected, by the sponsorship of two charter members and the two-thirds secret vote of the remaining charter members thereof. The Board of Trustees shall have power to make and to amend the by-laws, and, by a two-thirds vote of the whole Board at a meeting called for this purpose, may authorize and cause to be executed mortgages and liens upon the property of the Corporation. The Board of Trustees may, by resolution passed by a majority of the whole Board, designate five or more of their number to constitute an executive committee of which a majority shall constitute a quorum, which committee, to the extent provided in said resolution or in the by-laws of the Corporation, shall have and exercise the powers of the Board of Trustees in the management of the business affairs of the Corporation, and may have power to authorize the seal of the Corporation to be affixed to all papers which may require it. The Board of Trustees, by the affirmative vote of majority of the whole Board, may appoint any other standing committees, and such standing committees shall have and may exercise such powers as shall be conferred or authorized by the by-laws. With the consent in writing and pursuant to an affirmative vote of a majority of the charter members of said Corporation, the Board of Trustees shall have authority to dispose in any manner of the whole property of the Corporation.

Sec. 6.    An annual meeting of the charter members, their associates and successors shall be held once in every year after the year of incorporation, at such time and place as shall be prescribed in the by-laws. Special meetings of the Corporation may be called upon such notice as may be prescribed in the by-laws. The number which shall constitute a quorum at any annual or special meeting shall be prescribed in the by-laws. The Board of Trustees shall have power to hold their meetings and keep the seal, books, documents, and papers of the Corporation within or without the City of Manila.

Sec. 7.    Any donation or contribution which from time to time may be made to the Science Foundation of the Philippines by the Government of any of its subdivisions, branches, offices, agencies, or instrumentalities or from any person or entity, shall be expended by the Board of Trustees in pursuance of this Act.

Sec. 8.    Any donation or contribution which from time to time may be made to the Science Foundation of the Philippines shall be considered allowable deductions on the income of the donor or giver for income tax purposes; and other transactions undertaken by it in pursuance of its purposes as provided in section 4 hereof shall be free from any and all taxes.

Sec. 9.    From and after the passage of this Act, it shall be unlawful for any person within the jurisdiction of the Philippines to falsely and fraudulently call himself out as, or represent himself to be, a member of or an agent for the Science Foundation of the Philippines; and any person who violates any of the provisions of this Act shall be punished by imprisonment of not to exceed six months or a fine not exceeding five thousand pesos, or both, in the discretion of the court. 

Section 10.    This Act shall take effect upon its approval.

Approved: June 20, 1952