(NAR) VOL. 7 NO. 3 / JULY-SEPTEMBER 1996
"Section 1. Creation of the Clark International Airport Corporation. — A body corporate to be known as the Clark International Airport Corporation (CIAC) is hereby authorized to be formed to operate and manage the Clark Aviation Complex.SECTION 2. All orders, rules and regulations, or parts thereof, which are inconsistent with this Executive Order are hereby repealed, amended or modified accordingly.
Consistent with Sections 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."
"Section 3. Board of Directors. — Subject to Section 16 of Republic Act 7227 (1992), the powers of the CIAC shall be vested in and exercised by a Board of Directors which shall be composed of not more than eleven (11) members.
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."
"Section 4. Capitalization. — The capitalization of the CIAC shall be determined by the BCDA which shall include the following:
(a) Cash Equity to be provided by the BCDA;
(b) Portions of government lands embraced and covered by the Clark Aviation Complex, as well as permanent improvements and fixtures therein upon proper inventory; and
(c) All other assets which the President may transfer to the CIAC as part of the equity contribution of the government."
"Section 5. Transfer of Clark Air Base Proper. — In view of Section 4 hereof, and pending the full development of the Clark Reverted Baselands, the BCDA shall transfer to the CIAC the permanent improvement and fixtures within 2,200 hectare area, more or less, covering the Clark Aviation Complex which is a part of the Clark Air Base Proper under Proclamation No. 163, s. of 1993."
"Section 6. Role of Departments, Bureaus, Offices, Agencies, Instrumentalities of the Government. — All heads of departments, bureaus, offices, agencies and instrumentalities of the government are hereby directed to give full support to the Clark International Airport development program and to coordinate with the BCDA to facilitate the necessary approvals to expedite the implementation of the various aspect of the conversion programs."