Section 15Sec./Art. 15

Transitory Provisions.-

a. Authority to Reorganize.- In view of the new powers and functions herein provided, a reorganization of the Corporation is hereby authorized including adopting anew staffing pattern for effective and efficient exercise and performance of such powers and function. The formulation of the program of reorganization shall be completed as soon as possible and the full implementation of such program within eighteen (18) months after approval of this Act.

b. Implementing Details.- Organization and Staffing of the Corporation. - Upon the effectivity of this Act, the Secretary of Finance, the incumbent President of the Corporation and the Governor of the Central Bank shall constitute the Chairman and members of the Board provided hereof. The President is hereby authorized subject to the approval of the Board of Directors as appropriate, to issue such orders, rules and regulations as may be necessary to implement the reorganization authorized under the preceding section which will involve the determination and adoption of (1) a new internal structure of the Corporation as reorganized down to the divisional, section or lowest reorganization levels; (2) a new staffing pattern including appropriate salary rates.

The provisions of any law to the contrary notwithstanding, in the implementation of the reorganization herein, and in the appointments to appropriate positions in the new staffing pattern of the Corporation, no preferential or priority rights shall be given to or enjoyed by any officer or personnel of the Corporation for appointment to any position in the new staffing pattern nor shall any officer or personnel be considered as having prior or vested rights with respect to retention in the Corporation or in any position as may have been created in its new staffing pattern, even if he should be the incumbent of a similar position therein.

Pending the completion of the personnel actions above provided and the issuance of the appropriate implementing orders, all incumbents shall continue to exercise their mutual functions, duties and responsibilities.