SECTION 1. NMYC to establish industry boards. — The Council shall establish industry boards to assist in the establishment of manpower development schemes, trades and skills standards and such other functions as will provide direct participation of employers and workers in the fulfillment of the Council's objectives in accordance with the guidelines to be established by the Council in consultation with the National Economic and Development Authority.
The maintenance and operation of the Industry Boards shall be financed through a funding scheme under such rates of fees and manner of collection and disbursement as may be determined by the Council.
SECTION 2. Preparatory activities. — In setting up such industry boards as may be necessary, the NMYC shall:
(a) Establish in consultation with industry and appropriate government agencies an Industry Classification Scheme for the whole economy;
(b) Determine priority industries where Industry Boards should be set up; and
(c) Establish criteria for determining to which industry board a certain firm or establishment properly belongs.
SECTION 3. Powers of the NMYC over the industry boards. — The NMYC shall have the power and authority:
(a) To determine the composition of the industry boards;
(b) To establish the scope of authority, functions and relationships of the boards vis-a-vis other agencies and organizations; and
(c) To determine the mode of financing for the boards.