Section 6
SEC. 6. Powers and Functions&mdashThe Authority shall have the following powers and functions: (a) To succeed in its corporate name; (b) To adopt and use a corporate seal; (c) To sue and be sued in its corporate name; (d) To purchase, lease or otherwise acquire or hold such personal or real property as may be necessary and convinient in the performance of its functions; or mortgage, pledge, lease, sell, allenate, or otherwise dispose of any such real or personal property so acquired or held: Provided, That any contract entered into for the mortgage, sale, lease or pledge of personal or real property wherein delivery of the subject matter is to be made outside the Republic of the Philippines, the approval of the President shall be secured; (e) To enter into or make contracts, agreements or stipulations of any kind and description necessary and convinient in the exercise of its powers and in the performance of its functions; (f) To hold, own or acquire agricultural land as allowed by law; (g) To exercise the right of eminent domain and to acquire title to real estate by virtue thereof for the accomplishment of its purposes and objectives; (h) To raise funds to finance its projects by obtaining loans from local or foreign financial institutions: Provided,That such loans shall not exceed one hundred million pesos, at any one time; and to issue bonds, debentures, securities or certificates or indebtedness, provided such issue shall not exceed fifty million pesos: And provided, further,That such loans or bond issues shall be made by a resolution of the Board of Directors, passed by the affirmative vote of at least three members at a regular or special meeting stating therein the purpose or purposes to which the proceeds of said loans or bond issues shall be applied, and approved by the president of the philippines after consultation with the Secretary of Finance, the National Economic Council and the Monetary Board of the Central Bank. The bonds shall be issued in such amounts as may be needed but not exceeding ten million pesos for every single issue, taking into consideration the rate at which the bonds may be absorbed by the buying public and the fund requirements of the projects ready for execution: Provided, That no new or subsequent bond issue shall be made unless fifty per centum of the preceding issues has been sold; (i) The Secretary of Finance, in consultation with the Monetary Board, shall prescribe the form, the rates of interest, the denominations, maturities, negotiability, convertibility, call and redemption features and all other terms and conditions of issuance, placement, sale, servicing redemption and payment of all bonds issued under the authority of this Act; The bonds issued by virtue of this Act may be made payable both as to principal and interest in Philippine Currency or any readily convertible currency. Said bonds shall be receivable as security in any transaction with the government in which such security is required; (j) To acquire, own or hold by purchase, purchase, mortgage or pledge shares of capital stock, bonds, securities or other certificates of indebtedness of any domestic or foreign corporation and to exercise all the rightd of ownership including the right to vote while a holder thereof, and to mortgage, pledge, sell, alienate or otherwise dispose of the shares of stock, bonds or securities so acquired; (k) To adopt, amend or modify its by-laws; (l) To promulgate rules and regulations as are necessary for the exercise of its powers and in the performance of its functions; (m) To perform any and all acts which a corporation co-partnership or natural person may perform under existing laws or those which may hereafter be enacted for the attainment of its purposes and objectives and for carrying on its business.