Question & AnswerQ&A (Republic Act No. 4850)
The policy is for the Laguna Lake Development Authority to lead, promote, and accelerate the development and balanced growth of the Laguna Lake area and surrounding provinces, cities, and towns within the context of national social and economic development plans.
It is a body corporate created to implement the policy of developing the Laguna Lake region, organized within 120 days after the approval of the Act, with powers and functions vested to carry out the development aims.
The principal office shall be located at a convenient place within the Laguna Lake region, with branch offices as necessary.
1) Conduct comprehensive surveys of resources and potentials in the region; 2) Provide planning and technical assistance to investors; 3) Recommend financing and support for agricultural, industrial, and commercial projects; among others.
The Authority can sue and be sued, adopt by-laws, enter contracts, acquire and dispose of property, exercise eminent domain, borrow funds, invest in subsidiary corporations and perform acts authorized to corporations and persons to achieve its objectives.
The authorized capital is P100,000,000 divided into 1 million shares valued at P100 each; 700,000 are common shares (voting) and 300,000 are preferred shares (non-voting).
Yes, they are authorized to subscribe, own, buy, or hold shares of stock of the Authority to help achieve its purposes.
Members must be natural-born Filipino citizens of unquestioned integrity and competence; government experts may serve with consent of their office heads.
Contracts entered in violation are null and void; the member may be disqualified from serving the remainder of the term and permanently barred from board membership by a two-thirds vote of the Board.
A General Manager serves a fixed term of six years unless removed; must have executive competence, experience in public administration or management of agricultural, industrial, or commercial enterprises, and is an ex-officio non-voting Board member.