Section 27Sec./Art. 27

Transitory Provisions.- Upon the effectivity of this Act, the governing Board shall immediately be constituted and convened. All incumbent officers and employees of the Quedan Guarantee Fund Board shall continue in office as personnel of the Corporation without demotion in rank nor diminution in compensation and fringe benefits. The incumbent Executive Director of the Quedan Guarantee Fund Board shall be the President of the Corporation until a new President shall have been elected by the governing Board. The President shall, as soon as possible, prepare and submit to the governing Board such plans and programs which will ensure harmonious and effective transitional activities towards the full operations of the Corporation.