Memorandum Order No. 523 (1975)

MALACAÑAN PALACE

MANILA

BY THE PRESIDENT OF THE PHILIPPINES

[ MEMORANDUM ORDER NO. 523, July 8, 1975 ]

The Chairman and Members

Board of Directors

National Development Company

Manila

To achieve a comprehensive representation for the National Government and, to safeguard public interest in the realty corporations controlled by the National Development Company that have acquired the lands owned by United States firms upon the expiration of the Laurel-Langley Agreement, the following government personnel shall be elected members of the Boards of Directors of said realty corporations:

1. Chairman Constante Fariñas National Development Company | – | to represent 2. Atty. Lilia R. Bautista Board of Investments | – | to represent 3. Atty. Joselia J. Poblador | – | to represent Office of the President 4. a representative of the Department of Finance 5. a representative of the Department of Justice

The total membership of the Boards of Directors of said realty corporations shall neither be less than seven (7) nor more than nine (9) directors. The other members shall be elected to represent non-government interests, i.e., partner-U.S. firms.

For strict compliance.

By authority of the President:

(SGD.) ALEJANDRO MELCHOR

Executive Secretary

Manila, July 8, 1975