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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 360 - AMENDING
EXECUTIVE ORDER NO. 192, SERIES OF 1994, AUTHORIZING THE ESTABLISHMENT
OF THE CLARK INTERNATIONAL AIRPORT CORPORATION TO OPERATE AND MANAGE
THE CLARK AVIATION COMP
WHEREAS, Executive Order 192,
series of 1994, ordered the creation of the Clark International Airport
Corporation (CIAC);
WHEREAS, there is a need for the Bases Conversion Development Authority
(BCDA) to be the direct stockholder of the CIAC in compliance with R.A.
7227, particularly Sec. 4 (d) thereof, which provides that the BCDA
will “serve as the holding company of the subsidiary companies created
pursuant to Section 16 of this Act”;
WHEREAS, there is a need for the BCDA to support and guarantee the
financial transactions of the CIAC as its direct stockholder;
NOW, THEREFORE, I, FIDEL V. RAMOS, President of the Republic of the
Philippines, by virtue of the powers vested in me by law, do hereby
order the following:
Section 1.
“Section 1.
Consistent with Section s 4 and
16 of Republic Act No. 7227 (1992), the CIAC shall be a wholly-owned
subsidiary corporation of the Bases Conversion Development Authority
(BCDA) and shall be formed in accordance with the Corporation Code and
existing rules and regulations promulgated by the Securities and
Exchange Commission. The CIAC shall be subject to the policies, rules
and regulations promulgated by the BCDA.”
“Sec. 3.
The members of the Board
representing the equity of the BCDA and the other government
corporations or agencies in the capital stock of the CIAC shall be
nominated by the President of the Philippines. No person shall be
nominated as a member of the Board representing the equity in the
capital stock of the National Government in the CIAC unless he is a
Filipino citizen, of good moral character, and of recognized competence
in relevant fields including but not limited to civil aviation,
economics, tourism, law or engineering.”
“Sec. 4.
(a)
(b)
(c)
“Sec. 5.
“Sec. 6.
Sec. 2.
Sec. 3. Since 19.07.98.
DONE in the City of Manila,
this 16th day of August, in the year of Our lord, Nineteen Hundred and
Ninety-Six.
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