Law Summary
Authority Over Asset Disposition
- The Authority has the power to determine the terms and mode of payment for the transfer of its assets and properties to third parties.
- This provision allows flexibility in managing real estate transactions to optimize benefits.
Governance and Accountability
- The number of Board of Directors members is increased from five to seven.
- The General Manager of the Authority shall serve as an ex officio member of the Board, enhancing executive oversight.
- This setup ensures that the chief executive officer is partly accountable for policy decisions of the Authority.
Tax Exemption on Properties
- All lands, buildings, and other real properties owned by the Public Estates Authority are exempt from real estate taxes.
- This fiscal incentive supports the Authority’s operational and developmental functions.
Supersession of Conflicting Laws
- Any laws, decrees, orders, rules, and regulations inconsistent with the provisions of this Executive Order are modified accordingly.
- This ensures legal conformity and removes conflicting mandates.
Effectivity Clause
- The Executive Order takes effect immediately upon issuance.
- Signifies the urgency and importance of implementing the provisions herein without delay.