Law Summary
Composition and Governance
- Board of Trustees with seven members appointed by the President.
- Trustees serve without compensation for four years and until successors qualify.
- Board fills vacancies by appointment for unexpired terms.
- Chairman elected from among trustees acts as Chief Executive Officer.
- Chairman authorized to appoint, remove, and fix compensation of personnel with Board approval.
- Four trustees constitute a quorum; their decision is binding.
Estate and Property
- Estate includes real, personal, and other property acquired now or in the future.
- Includes land reserved under Proclamation No. 20, March 12, 1966.
- Includes donations received or to be received by the government or Center.
Powers and Functions
- Acquire, hold, and dispose of properties.
- Enter contracts necessary to fulfill objectives.
- Solicit donations and funds from public and private sectors.
- Open bank accounts, disburse and invest funds.
- Invite foreign artists and troupes for performances and exhibits.
- Sponsor foreign performances by Filipino artists and groups.
- Adopt rules and regulations consistent with law.
- Perform necessary acts to accomplish its objectives.
Cooperation and Oversight
- May request assistance from government departments, bureaus, agencies, including government-owned or controlled corporations.
- Subject to periodic auditing by the Auditor General or representative.
Reporting and Termination
- Must submit annual activity reports and recommendations to the President.
- Upon termination, residual assets revert to the State for lawful disposition.