SECTION 1. The Corporation shall be a body corporate and
shall be subject to the provisions of the Corporation Law insofar as they are
not inconsistent with the provisions of this Decree, or with the provisions of
this Decree, or with the purpose for which this Corporation is formed, and shall
have the general powers mentioned in said law, and such other powers as may be
necessary to enable it to accomplish its purposes.
In particular, the Corporation, shall among others be vested with the
following powers:
To create, generate, develop, improve, promote, and enhance any and all
kinds of investment opportunities or fields of investment whether now in being
or not and whether new or old; and for the purpose, the Corporation shall invest
in, purchase, acquire, hold, use, sell, lease, assign, transfer, alienate,
dispose or encumber real and personal property of every kind and description,
including shares of stock, bonds, debentures, notes, evidence of indebtedness,
and other securities and interests in property, and shall exercise all rights,
powers and privileges connected with on incident to the ownership, possession,
interest in, and use of such real and personal properties; and may undertake,
organize, form, promote, develop, or establish businesses and all forms of
enterprise, whether here or abroad, as are necessary, suitable, or convenient to
be undertaken, organized, formed, promoted, developed or established to carry
out, directly or indirectly, the purposes and interests or to enhance the
businesses or to render more valuable or profitable any of the rights,
properties, interests or enterprises of this Corporation;
To promote and develop agriculture in the Philippines and turn to account
the resources of land and rights therein, to carry on and conduct an
agricultural enterprise by means of planting, cultivating, constructing,
raising, purchasing, processing, threshing, milling, and selling any and all
plants, trees, fish, livestock, crops and other products of the soil; to engage
in the production and manufacture of any kind of materials and substances which
may be of use or convenience for utilization of agricultural products; to buy,
sell, import, export, or in any manner trade in same, and to carry on studies
and experiments in the cultivation, manufacturing and marketing of such
products, in connection therewith;
To manufacture, buy, sell, and in all ways deal in, and with respect to
articles, goods, wares, merchandise and commodities of all kinds and
descriptions, to engage in and conduct, in all branches and details, the
business of manufacturing and trading;
To enter into and perform contracts, undertakings and obligations of every
kind and character;
To acquire and/or lease lands from the Philippine Government for
agricultural, pastural and related purposes in excess of the areas allowed to
private corporations, associations by existing laws which may prove beneficial
both to the Corporation and the Government;
To borrow money and to incur indebtedness, without limit as to the amount,
and in excess of the capital stock of the Corporation and to issue bonds,
debentures, debenture stock, warrants, notes or other obligations therefor, and
to secure the same by any lien, charge, grant, pledge, deed of trust or mortgage
of the whole or any part of the real and/or personal property of the Corporation
then owned and/or thereafter to be acquired, and/or to issue bonds, debentures,
without any such security;
To grant loans to stockholders for the purpose of enabling said stockholders
in joining cooperative associations which are owned or controlled by PEFTOK
veterans: Provided, That the amount of such loans shall not exceed
fifty percent (50%) of the par value of the stocks actually owned by said
stockholders: Provided, further, That such loan shall be
payable in full within a period of not exceeding one year;
To engage in and carry on the business of general wholesale and retail
merchants, importers, exporters, commission merchants, brokers, factors, agents,
manufacturers, processors, dealing in or with any and all classes of materials,
merchandise, supplies and commodities of every kind and nature;
To carry on any other lawful business whatsoever which may seem to the
Corporation capable of being carried on in connection with the foregoing
purposes and powers, or calculated directly or indirectly to promote the
interest of the Corporation or to enhance the value of its property, and to
have, enjoy and exercise all the rights, powers and privileges which are now or
which may hereafter be conferred upon similar corporations organized under the
laws of the Republic of the Philippines;
To exercise the general powers mentioned in the Corporation Law, insofar as
they are not inconsistent or incompatible with the provisions of this Decree.
