Powers, functions, eminent domain, etc.
Section 6
SEC. 6. Powers, functions, eminent domain, etc.βExcept as otherwise specifically provided for in this Act, the Authority shall have the following powers and functions: To succeed on its corporate name. To sue and be sued in such corporate name. To adopt, alter, and use a corporate seal, which shall be judicially noticed. To make contracts of any kind and description to enable it to discharge its functions under this Act. To adopt, amend, and repeal its by-laws. To acquire, lease, or hold such personal and real property as it deems necessary or convenient in the transaction of its business and may lease, mortgage, sell, alienate, or otherwise dispose of any such personal and real property held but it may not sell its properties and products for delivery or use outside of the Philippines without the approval of the President of the Philippines. To hold agricultural lands in excess of the areas permitted to private corporations or associations by the Constitution. To exercise the right of eminent domain in the name of the Republic of the Philippines, and in the acquisition of real estate by condemnation proceedings, the title to such real estate shall be taken in the name of the Republic of the Philippines, and thereupon all sue real estate shall be entrusted to the Authority as agent of the Republic of the Philippines to accomplish the aims and purposes of this Act. To make such regulations as are necessary to execute the powers and functions vested in it by this Act. To borrow funds from any local or foreign financial institution independent of the bonds it has issued or may still issue, to finance its projects: Provided, That the total loan outstanding pursuant to this provision shall not exceed one hundred million pesos at any one time. To purchase, hold, alienate, mortgage, pledge or otherwise dispose of the shares of the capital stock of, any bond, security, or other evidence of indebtedness created by any other corporation or partnership of this or any other country, and while the owner of said stock, to exercise all the rights of ownership, including the right to vote thereon. For carrying on its business, or for the purpose of attaining or furthering any of its objects, to perform any or all acts which a corporation, partnership, or natural person is authorized to perform under the laws existing or which may be enacted hereafter.