EXECUTIVE ORDER NO. 642 January 24, 1981
CREATING THE GINTONG ALAY FOUNDATION, DEFINING ITS FUNCTIONS AND FOR OTHER PURPOSES
WHEREAS, the Project: Gintong Alay which was created pursuant to Letter of Instructions No. 955 and whose functions have been expanded per Letter of Instructions No. 1022-A, has achieved enormous success in developing athletes for international competitions;
WHEREAS, the project depends on the complete assistance both from the government and private sectors, in view of the nature and magnitude of its assigned tasks; and
WHEREAS, there is a need to support the project through the provision of materials, equipment, human resources, management, financing and related services, caused through an institution designed to augment the Project: Gintong Alay;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, pursuant to the powers vested in me by the Constitution, do hereby order and direct:
Sec. 1. Name and Location. There is hereby created a body corporate to be known as the Gintong Alay Foundation, Inc., hereinafter referred to as the Foundation, with its main executive Offices in Metro Manila.
Sec. 2. Purposes and Objectives. The Foundation shall render maximum assistance primarily to the Project: Gintong Alay in the attainment of the objectives of the project. In addition, the Foundation shall have the following purposes and objectives:
a) To raise funds each year, primarily for the Project: Gintong Alay and to conduct research studies related to the training of athletes, management of sports facilities and equipment.
b) To distribute the funds raised in accordance with a systematic budgeting procedure.
c) To help promote effective planning and coordination and administration of the training of athletes as envisioned in LOI 955 and LOI 1022-A.
d) To acquire, lease and own any and all real estate that may be necessary or useful in carrying out the purposes for which the Foundation is created and to receive and accept donations of money or property, real of personal, from any persons or entity, including the Republic of the Philippines or any of its sub-divisions and instrumentalities, and to accept and administer real or personal property in trust for the above-mentioned purposes.
e) To sell or lease any of the property that may be acquired by the Foundation.
f) In case of dissolution, its remaining assets shall be disposed of and turned over to any Foundation dedicated to scientific/cultural pursuits of its choice or to the Republic of the Philippines of any of its agencies or instrumentalities or political sub-divisions.
Sec. 3. Board of Trustees. The governing powers and authority of the Foundation shall be vested and exercised by a Board of Trustees, which shall be composed of one chairman to be appointed by the President of the Philippines and four (4) members.
Sec. 4. Functions of the Board. In the exercise of the powers granted to it under this Decree, the Board of Trustees shall:
a) Promulgate and adopt policies, plans, rules and regulations, as it considers necessary for the effective discharge of its responsibilities;
b) Appoint the President, and one or more vice-presidents to assist the President, the administration of the affairs of the Foundation; and
c) Review periodically the administration and program of the Foundation.
Sec. 5. The President. The Board of Trustees shall appoint a President of the Foundation who shall be its chief executive officer and shall receive such compensations and remunerations to be fixed by the Board. He shall exercise all powers and duties inherent to his position and such other functions as maybe vested in him by the Board of Trustees.
Sec. 6. Tax Exemptions. Any donation, contribution, bequest, subsidy or financial aid which maybe made to the Foundation shall be exempt from taxes of any kind, and shall constitute allowable deductions in full from the income of the donor or giver for income tax purposes.
Sec. 7. Repealing Clause. All laws, executive orders, administrative issuance, rules and regulations inconsistent with the foregoing provisions are hereby repealed, amended or modified accordingly.
Sec. 8. Separability Clause. If any provision of this Order is declared invalid or unconstitutional, the remainder thereof shall not be affected.
Sec. 9. Effectivity. The Order shall take effect immediately.
Done in the City of Manila, this 24th day of January, in the year of Our Lord, nineteen hundred and eighty-one.
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