EXECUTIVE ORDER NO. 642
EXECUTIVE ORDER NO. 642 - CREATING
THE GINTONG ALAY FOUNDATION, DEFINING ITS FUNCTIONS AND FOR OTHER
PURPOSES
WHEREAS, the Project: Gintong Alay
which was created pursuant to Letter of Instructions No. 955 and whose
functions have been expanded per Letter of Instructions No. 1022-A, has
achieved enormous success in developing athletes for international
competitions;
WHEREAS, the project depends on the complete assistance both from the
government and private sectors, in view of the nature and magnitude of
its assigned tasks; and
WHEREAS, there is a need to support the project through the provision
of materials, equipment, human resources, management, financing and
related services, caused through an institution designed to augment the
Project: Gintong Alay;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
pursuant to the powers vested in me by the Constitution, do hereby
order and direct:
Section 1. Name and Location. — There is hereby
created a body corporate to be known as the Gintong Alay Foundation,
Inc., hereinafter referred to as the Foundation, with its main
executive Offices in Metro Manila.
Sec. 2. Purposes and Objectives. — The Foundation
shall render maximum assistance primarily to the Project: Gintong Alay
in the attainment of the objectives of the project. In addition, the
Foundation shall have the following purposes and objectives:
a)
To raise funds each year, primarily for the Project: Gintong Alay and
to conduct research studies related to the training of athletes,
management of sports facilities and equipment.
b) To
distribute the funds raised in accordance with a systematic budgeting
procedure.
c) To help
promote effective planning and coordination and administration of the
training of athletes as envisioned in LOI 955 and LOI 1022-A.
d) To acquire,
lease and own any and all real estate that may be necessary or useful
in carrying out the purposes for which the Foundation is created and to
receive and accept donations of money or property, real of personal,
from any persons or entity, including the Republic of the Philippines
or any of its sub-divisions and instrumentalities, and to accept and
administer real or personal property in trust for the above-mentioned
purposes.
e) To sell or
lease any of the property that may be acquired by the Foundation.
f) In case of
dissolution, its remaining assets shall be disposed of and turned over
to any Foundation dedicated to scientific/cultural pursuits of its
choice or to the Republic of the Philippines of any of its agencies or
instrumentalities or political sub-divisions.
Sec. 3. Board of Trustees. — The governing powers
and authority of the Foundation shall be vested and exercised by a
Board of Trustees, which shall be composed of one chairman to be
appointed by the President of the Philippines and four (4) members.
Sec. 4. Functions of the Board. — In the exercise
of the powers granted to it under this Decree, the Board of Trustees
shall:
a)
Promulgate and adopt policies, plans, rules and regulations, as it
considers necessary for the effective discharge of its
responsibilities;
b) Appoint the
President, and one or more vice-presidents to assist the President, the
administration of the affairs of the Foundation; and
c) Review
periodically the administration and program of the Foundation.
Sec. 5. The President. — The Board of Trustees
shall appoint a President of the Foundation who shall be its chief
executive officer and shall receive such compensations and
remunerations to be fixed by the Board. He shall exercise all powers
and duties inherent to his position and such other functions as may be
vested in him by the Board of Trustees.
Sec. 6. Tax Exemptions. — Any donation,
contribution, bequest, subsidy or financial aid which may be made to
the Foundation shall be exempt from taxes of any kind, and shall
constitute allowable deductions in full from the income of the donor or
giver for income tax purposes.
Sec. 7. Repealing Clause. — All laws, executive
orders, administrative issuance, rules and regulations inconsistent
with the foregoing provisions are hereby repealed, amended or modified
accordingly.
Sec. 8. Separability Clause. — If any provision of
this Order is declared invalid or unconstitutional, the remainder
thereof shall not be affected.
Sec. 9. Effectivity. — The Order shall take effect
immediately.
Done in the City of Manila,
this 24th day of January, in the year of Our Lord, nineteen hundred and
eighty-one.
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Since 19.07.98.