Section 62REPUBLIC ACT NO. 6038, AND FOR OTHER PURPOSES., Sec./Art. 62

Existing NEA Continued.

(a) The existing Board of Administrators of the NEA and the Administrator thereof shall be the Board of Administrators and Administrator provided for under this Decree, and their respective terms shall be and continue as already established.

(b) Any preference to the NEA in any existing law or in any executive order or proclamation of the President shall, with respect to any duty or function assumed by the NEA pursuant to said Decree, be deemed hereafter to have reference to the NEA established under this Decree;

(c) The properties, assets, rights, choses in action, obligations, liabilities, records and contracts of the NEA are hereby transferred to and are vested in, and assumed by the NEA established under this Decree;

(d) All personnel of the NEA shall be absorbed and transferred to the NEA established under this Decree without demotion in rank nor reduction in salary; and

(e) All on-going projects and/or approved loans of the NEA established under Republic Act No. 6038 shall be reviewed by the NEA established under this Decree and, insofar as found to be economically feasible in accordance with sound management, engineering and technological standards, shall be continued and completed on a priority basis.