"SEC. 8. Governing Body.—The powers and functions of the Authority shall be vested in and exercised by a Port Commission composed of seven commissioners, six of whom shall be appointed by the President of the Republic of the Philippines, preferably from the region of Northern Mindanao, with the consent of the Commission on Appointments; and the seventh, the Collector of Customs of the Port of Cagayan de Oro, who shall be an ex-officio member.
Of the Commissioners so to be appointed:—
(a) Two shall, in and by their commissions, be appointed chairman and vice-chairman,
respectively. The latter shall be the port manager, who shall be appointed as such from among persons possessing knowledge and experience in shipping and/or business, port or industrial management;
Of the remaining four commissioners so to be appointed, each shall represent the following:
(b) Shipping interests;
(c) Importers and exporters;
(d) Cagayan de Oro Chamber of Commerce; and
(e) Such other interests concerned with the operation of the Port of Cagayan de Oro as the President may deem advisable."

"SEC. 10. Port Manager.—The management of the business of the Authority shall be under the direction and control of the Port Manager."
Sec. 3. Section twelve of the same Act is hereby amended to read as follows:

"SEC. 12. Terms of Office.—The six commissioners first appointed to the Commission shall have terms of office in such manner that two shall serve for two years, two shall serve for three years, and two, the chairman and vice-chairman, four years. Thereafter, each commissioner shall serve for four years: Provided, That any person appointed to fill a vacancy shall hold office only for the unexpired term of the commissioner whom he succeeds."

"SEC. 17. Quorum; Per Diems and Allowances.—Four members of the Commission shall constitute a quorum for the transaction of business.
Until otherwise fixed by the Commission, the Chairman of the Commission shall receive a per diem of one hundred and fifty pesos and the five commissioners and the Collector of Customs shall each receive a per diem of not to exceed one hundred pesos, exclusive of travelling expenses, for each day of meeting actually attended by them: Provided, That the meetings of the Commission shall not exceed four meetings a month."

"SEC. 20. Executive Organization.—The activities of the authority shall be carried out under the direct supervision of the Port Manager with the assistance of the following executive officials:

(a) An assistant Port Manager who shall head the operations department;
(b) A Chief Engineer who shall head a Department of Engineering;
(c) A Chief Accountant who shall head the Accounting Department;
(d) Such other officials as the Commission may appoint for the efficient conduct of the activities of the Authority, upon recommendation of the Port Manager"

"SEC. 23. Power to Issue Bonds.—Whenever the Commission may deem it advisable and necessary for the authority to incur indebtedness or to issue bonds to carry out approved capital-investment projects, it shall, by resolution, so manifest and declare, stating the purpose for which the loan or issue is to be applied and citing the project study devised for the purpose. In order for such resolution to be valid, it shall be passed by the affirmative vote of at least four members of the Commission and approved by the President of the Philippines upon the recommendation of the Secretary of Finance, after consultation with the Monetary Board."

"SEC. 33. Appropriation.—To carry out the objectives of this Act, the sum of five hundred thousand pesos is hereby authorized to be appropriated out of any funds in the National Treasury not otherwise appropriated. Thereafter, such sums as may be necessary to maintain and operate the authority shall be included in the annual General Appropriations Act."