"SECTION 1. The Philippine College of Commerce located in the City of Manila, Philippines, which was granted full college status on June 21, 1952, is hereby authorized to confer baccalaureate and graduate degrees in commerce, business administration and education, and the social sciences related to the field of commerce1 and business administration.

"SEC. 2. The purpose of the said College shall be to provide higher vocational, professional, and technical instruction and training in business education, commerce and other areas of study as provided in section 1 hereof; and for special purposes, to promote research, advance studies, and progressive leadership in the stated fields of study. In the pursuit of these objectives the sanctity of the college and its academic freedom shall be duly respected by all government agencies."

''SEC. 5. The Board of Trustees of the Philippine College of Commerce shall be composed of the Secretary of Education, who shall be ex-officio Chairman of the Board, the Chairman of the Committee on Education of the Senate, the Chairman of the Committee on Education of the House of Representatives, the President of the College, the President of the Philippine College of Commerce Alumni Association: Provided, That he is not in the employ of the college in any capacity whatsoever, the President of the Chamber of Commerce of the Philippines, and the President of the Supreme Student Council of the College. In the absence or the inability of the Secretary of Education as ex-officio Chairman of the Board of Trustees, or in the event that there is no incumbent Secretary of Education, the Undersecretary of Education shall sit as a member of the Board of Trustees and the members thereof shall elect among themselves a temporary chairman who shall act as Chairman of the Board of Trustees.

"Members of the Board shall serve without compensation, other than actual and necessary expenses incurred either in attendance upon meetings of the Board or upon other official business authorized by resolution of the Board."

"(a) To elect a temporary chairman in the absence of the Secretary of Education;

"(c) To confer degrees in the graduate and undergraduate courses to successful candidates for graduation;

"(d) To appoint, on the recommendation of the President of the College, professors, instructors, lecturers, and other members of the faculty, and other officials and employees of the College; to fix their compensation, hours of service, and such other duties and conditions as it may deem proper any other provisions of the law to the contrary notwithstanding; to grant to them, in its discretion, leave of absence under such regulations as it may promulgate, any other provisions of the law to the contrary notwithstanding, and to remove them for cause after an investigation and hearing shall have been had;

"(f) To fix the tuition fees required of students, matriculation fees, graduation fees, fees for laboratory courses, and all special fees, and to deposit the same in such bank as may be designated by the board of trustees, constituting a special trust fund of the College subject to government audit;

"(i) To receive in trust legacies, gifts, and donations of real and personal property of all kinds and to administer the same for the benefit of the College, or of the department thereof, or for aid to any student or students, in accordance with the directions and instructions of the donor, and, in default thereof, in such manner as the Board of Trustees may in its discretion determine. All such donations shall be exempt from, all taxes and to be considered as deductible items from the income tax of the donors; to import duty-free commodities for educational purposes as an exemption to existing laws; and"

"SEC. 8. On or before the fifteenth day of September of each year, the Board of Trustees shall file with the President of the Philippines a detailed report, setting forth the progress, conditions, and needs of the College."

"SEC. 9. There shall be a College Council, consisting of the President of the College and all instructors and professors of the College. The Council shall have the power to prescribe the curricula and rules of discipline, subject to the approval of the Board of Trustees. It shall fix the requirement for admission to the College, as well as for graduation and the receiving of a title or degree. The Council alone shall have the power to recommend students or others to be recipients of titles or degrees. Through its President or committee, it shall have disciplinary power over the students within the limits prescribed by the rules of discipline approved by the Board of Trustees."

"SEC. 10. The body of instructors and professors of the College shall constitute the faculty of the College, with the President as the presiding officer. In the appointment of professors or instructors of the College, no religious or political test shall be applied, nor shall the religious or political beliefs of the faculty of the College be made a matter of examination or inquiry: Provided, however, That no instructor or professor in the College shall inculcate sectarian tenets in any of the teachings, nor attempt either directly or indirectly, under penalty of dismissal by the Board of Trustees, to influence students or attendants of the College for or against any particular church, religious or political beliefs."

"SEC. 8. Section eleven of the same Act is amended to read as follows:

"SEC. 11. The president, the vice presidents, the deans, the professors, and all members of the faculty and other personnel of the College shall be exempt from civil service examinations or regulations as a requisite to appointment, and from the wage and position classification office."

SEC. 9. Section thirteen of the same Act is amended to read as follows:

"SEC. 13. The President of the College, with the cooperation of the Superintendents of Schools, may use one or more of the secondary schools in their respective divisions as training or laboratory schools of the College."

SEC. 10. Section fifteen of the same Act is amended to read as follows:

"SEC. 15. In order not to interrupt the smooth functioning of the present curricula of the Philippine College of Commerce, the faculty of the College, as well as all other officials and personnel, shall be absorbed by the new College. Salaries of these personnel shall be adjusted by the Board of Trustees within the amount available for appropriation upon the recommendation of the President of the College."

"SEC. 16. The Treasurer of the Philippines shall be ex-officio Treasurer of the College of all funds appropriated by Congress for the use of the College, and all accounts and expenses thereof shall be audited by the Auditor General or his duly authorized corporate auditor."

"SEC. 17. For carrying out the purposes and provisions of this Act, the sum of one million pesos is hereby authorized to be appropriated from any funds in the National Treasury not otherwise appropriated: Provided, That all its present authorized appropriations shall be retained by the College. Thereafter, necessary funds shall be included in the annual General Appropriations Act."