Section 57Sec./Art. 57

Funds, Obligations and Assets of the Newly Created Provinces. - Following the plebiscite and creation of the provinces, the funds, obligations and assets of all kinds of the present Province of Palawan subsisting at the time of the effectivity of the creation of the three (3) provinces herein created shall be distributed among the three (3) provinces proportionately with the income of the municipalities comprising the same: Provided, however, That if the obligation had been contracted to finance a project belonging to any one of the three (3) provinces, the said province shall be solely responsible to settle such obligation.

Transitory projects and activities, such as land acquisition, office building construction, furnishing of offices; purchase of furniture, fixture and equipment; assignment of present properties; assignment of employees, hiring of new personnel, education and training of officials, employees and personnel; and all other projects and activities that will ensure the full and complete management, operations and service delivery of the provinces upon the commencement of its corporate existence, shall be financed and implemented by the present Provincial Government of Palawan.