ORDINANCE NO: 2003-234 "AN ORDINANCE AMENDING ARTICLE 5 OF CITY ORDINANCE NO. 2003-234, BY ADDING SUBSIDIARY PROVISION THERETO AND FOR OTHER PURPOSES" BE IT ORDAINED BY THE 7TH CITY COUNCIL OF THE CITY OF PAGADIAN IN SESSION ASSEMBLED, THAT: SECTION 1. Article 5 of City Ordinance No. 2002-206, "An Ordinance Providing for Incentives to Prospective and Existing Investors, and For Other Purposes", is hereby amended to read as follows: "Article 5. Meetings and Quorum of the Board. The Board shall meet at least once every quarter or as often as may be necessary, as provided in the implementing Rules and Regulations (IRR) of this Code. The presence of at least a majority of its members shall constitute a quorum for the board to validly exercise it powers and perform its functions. In the event the City Mayor, being the Chairman of the Board fails to convene the Board for one reason or the other and/or after due notice of such meeting as desired and called by the members of the Board has been serve him, the Vice-Mayor, being the Vice-Chairman of the Board, shall convene the Board and Preside over its meeting. SECTION 2. This Ordinance shall take effect immediately upon its approval. ENACTED AND APPROVED by the Sangguniang Panlungsod (7th City Council) of Pagadian City on its 104th Regular Session held on November 5, 2003 at the Sangguniang Panlungsod Session Hall.