Section 13Sec./Art. 13

Election, Terms of Office of Elective Board Members.- The additional members of the governing Board to be elected by the initial members of the governing Board shall serve for a term of one (1) year each. The election shall be presided by the Board Chairman, which shall be held in Metro Manila, in a place accessible to the public, and shall be in accordance with provisions of the Corporation Code of the Philippines and other pertinent laws. The first election after the effectivity of this Act shall be held when the initial members of the governing Board shall have been duly constituted and twenty-five percent (25%) of the counterpart shares for private investors shall have been subscribed, the exact date, time and place to be determined by the governing Board then incumbent.

The governing Board of the Corporation, in consultation with the Securities and Exchange Commission, shall prescribe the rules and regulations for the efficient and effective implementation of this section.