Governance and Board Composition
- Board of Directors consists of a chairman and four members appointed by the President with the Commission on Appointments' consent.
- Term of office is four years; removal only for cause.
- Chairman's annual compensation is ₱12,000; members receive ₱10,000 each.
- Board members barred from engaging in businesses or contracts conflicting with the Corporation’s interests.
Board Meetings and Decision-Making
- Regular monthly meetings required; special meetings may be called.
- Quorum constituted by chairman plus two members.
- Two-thirds vote needed to pass resolutions.
Appointment of Officers and Personnel
- Board appoints a manager and other necessary employees based on a merit system aligned with civil service rules.
- Manager’s salary set at ₱7,200 annually with allowances.
- Manager subject to the same conflict of interest restrictions as Board members.
Corporate Powers
- The Corporation has succession powers and may sue or be sued.
- Authorized to exercise eminent domain for project implementation.
- May enter into contracts and perform functions necessary to achieve its purposes.
Property Acquisition and Disposition
- May acquire real/personal property by purchase, lease, condemnation, or donation.
- Titles to real property taken in the name of the Republic and held as government agent.
- Certain properties such as dams or power plants cannot be disposed of.
- Procurement involving supplies/services must undergo public bidding except under specified exceptions.
- Bid evaluation considers quality, adaptability, financial responsibility, integrity, and delivery.
Authorized Projects and Activities
- Construction of provincial/barrio feeder roads in coordination with local governments.
- Cooperation with experimental stations on fertilizer use.
- Establishment of laboratories, experimental plants, dams, power generation facilities, and recreation areas.
- Production, distribution, and sale of electric power with equitable regulation.
- Support for socio-economic improvement of non-Christian tribes and development of tourism.
- Assistance in population readjustment related to land acquisitions.
Labor Preference
- Preference given to local laborers in project execution.
Development Planning
- Board must submit a unified economic development plan for Mindoro within six months for presidential approval.
- Upon approval, the President may reserve or transfer public land as needed.
Protection of Water Rights
- Act respects existing vested rights in water usage and distribution.
- Corporation retains authority to acquire property necessary for its purposes.
Legislative Recommendations
- Board empowered to recommend legislative measures for agricultural, industrial, and social development of Mindoro.
Industrial Development Incentives
- President authorized to sell or lease government land to entities establishing factories, under specified conditions.
- Leases limited to 50 years; sales conditioned on industrial use.
Land Sales by the Corporation
- Corporation may subdivide and sell agricultural lands no longer needed.
- Sales must be by public bidding with individual and association landholding limits.
Appropriations
- Initial appropriation of ₱20 million authorized, with equal annual appropriations for the next three years.
Penalties
- Imprisonment of 6 months to 3 years for persons involved in fraud against the Corporation.
- Board members violating conflict of interest provisions face imprisonment from 1 to 5 years.
Effectivity
- Act takes effect upon approval.