Section 30Sec./Art. 30

Safeguards on Assets Disposition. -The preservation of the value of the assets of the BatStateU shall be of primordial consideration.

The sale of any existing real property of the BatStateU shall be prohibited:Provided,That the Board may alienate real property donated after the effectivity of this Act is the terms of the donation specifically allow it.

Notwithstanding the provision of this Act or any other law to the contrary, the lease of more than five (5) years of the assets of the BatStateU and any transactions referred to in this section shall be subject to the following conditions and procedures:

(a) The transactions shall be:

(1) Discussed with the members of the Board in any of its formally convened regular or special meeting;

(2) Based on a multiyear comprehensive development plan, crafted, and developed by qualified urban planning professionals having at least five (5) years experience, with prior consultations with and concurrence of third-party experts and duly approved by a majority vote of all the members of the Board; and

(3) Subject to competitive and public bidding as provided for under Republic Act No. 9184, otherwise known as the "Government Procurement Reform Act";

(b) In the case of two (2) failed biddings and negotiated transactions, the Board, when considering the approval of any such transaction, shall secure a fairness opinion report from an independent third-party body. The body shall have five (5) members, three (3) of which shall be nominated by the Bankers Association of the Philippines (BAP), Investment House Association of the Philippines (IHAP), Trust Officers Association of the Philippines (TOAP), or the Financial Executives Institute of the Philippines (FINEX). The members shall be entitled to a reasonableper diemas the Board may specify;

(c) The fairness opinion report shall contain a statement expressing the opinion of the body on the terms of the proposed transaction, particularly its financial terms. The report shall include a review and analysis of the proposed transaction, financial statements, industry information, economic condition assumptions using management projections and the assumptions uder therein and a comparison of similar transactions:Provided,That if the Board differs with the fairness opinion report they shall justify their decision in writing and make this available to the community of the BatStateU. This provision shall not apply to leases granted to faculty and staff as part of their benefit and those for academic purposes; and

(d) If the contract or transaction involves an amount more than Fifty million pesos (P50,000,000.00), it shall be approved by at least three-fourths of all the members of the Board:Provided,That the splitting of contracts, which is by breaking up a contract into smaller quantities or amounts or dividing contract implementation into artificial or arbitrary phases or subcontracts for the purpose of circumventing this provision, shall not be allowed.