Powers, functions, eminent domain, etc.
Section 6
SEC. 6. Powers, functions, eminent domain, etc.—Except as otherwise specifically provided 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 corporation's seal, which shall be judicially noticed. To make contracts of any kind and descriptions 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 any such personal and real property held by it, but it may not sell its properties and products for delivery or use outside of the Philippines without the approval of the President. To hold agricultural land 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 such real estate shall be entrusted to the Authority as the 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 million pesos at any one time. To purchase, hold, alienate, mortgage, pledge, or otherwise dispose of the shares of the capital stock of, or any bond, security, or other evidence of indebtedness created by any other corporation or copartnership 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 and all acts which a corporation, copartnership, or natural person is authorized to perform under the laws now existing or which may be enacted hereafter. CHAPTER IVCAPITALIZATION AND FINANCING