50 private enterprises, including corporations, associations, cooperatives, and such other similar collective organizations with at least sixty percent (60%) of their capital investment or capital stocks directly controlled or owned by citizens. SEC. 7. Preferential Rights of Citizen-Inhabitants of Autonomous Region. – Subject to the exceptions provided in this Organic Act, citizens who are inhabitants of the autonomous region shall have preferential rights over the exploration, utilization, and development of natural resources of the autonomous region. Existing rights over the exploration, utilization, and development of natural resources shall be respected subject to the exceptions specified in this Organic Act. SEC. 8. Rules, Regulations and Fees. – The Regional Assembly shall by law regulate the exploration, utilization, development, and protection of the natural resources, including the mines and minerals, except the strategic minerals as provided in this Organic Act. The Regional Government shall, pursuant to the said law, shall prescribe the rules and regulations and impose regulatory fees in connection therewith. Upon the enactment of the said law and the effectivity of such rules and regulations, the fees imposed by the Regional Government shall replace those that had been imposed by the central government or national government. SEC. 9. Regulation of Small-Scale Mining. – Small-scale mining shall be regulated by the Regional Government to the end that the ecological balance, safety and health, and the interests of the indigenous cultural communities, the miners, and the people of the place where such operations are conducted are duly protected and safeguarded. SEC. 10. Regional Economic and Development Planning Board; Composition and Functions. – There is hereby created a Regional Economic and Development Planning Board. The Board shall be chaired by the Regional Governor. The members of the Board shall be composed of all the provincial governors and the city mayors of the provinces and cities within the autonomous region; the Speaker, and two (2) members of the Regional Assembly appointed by the Speaker, one (1) of whom shall be nominated by