Section 9June 6, 1973, Sec./Art. 9

Financial Support.

Until such time as the Academy shall be financially self-sufficient, its operations shall be financed through the contributions of the founding institution, parties to the memorandum agreement dated May 11, 1973. A Development Academy of the Philippines Endowment Fund shall be created for the purpose of attaining self-support capability for the Academy, on the basis of contributions, investments, and other income accruing to the Academy and its operations, and with the view of terminating the need for annual contributions from the parties to the said memorandum agreement.

The endowment fund shall be administered as a trust with the Board of Trustees of the Academy as trustee thereof, provided that the principal of said endowment fund shall not be subject to impairment, and provided furthermore that only the earnings thereof shall be available for expenditure. For this purpose the founding institutions are hereby authorized to make contributions in the form of investments to the endowment fund, at the rate of three million pesos (P3,000,000) each in June 1973 and four and one-half million pesos (P4,500,000) in June 1975, provisions of their respective charters to the contrary notwithstanding.