Purposes and Objectives.
Section 5
SEC. 5. Purposes and Objectives.—The Company shall have the following purposes and objectives: To implement the approved plans and programs of the National Economic Council for the agro-industrial development of the Region: To formulate the necessary plans and programs for the Region within the context of national policies should the National Economic Council fail to do so within months after the organization of the Company. Such plans and Programs shall be submitted to the National Economic Council which shall act on them within sixty days from date of receipt thereof. If the National Economic Council shall fail to act on said plans and programs within the period herein prescribed, the Company may proceed to implement the same. To provide the machinery for extending the necessary planning, management and technical assistance to prospective and existing investors in the area. To make recommendations to the proper agencies on the peso or dollar financing, technical support, physical assistance, and, generally, the level of priority to be accorded industrial, commercial and agricultural projects soliciting or requiring direct help from or through the government or any of its instrumentalities. To approve all development plans, programs, or projects by any local government agencies, public corporations, and private enterpriser where such plans, programs, or projects are related to the development of the region as envisioned in this Act. The Company shall determine whether such plans, programs, or projects need to be approved by the Company under these provisions. The decision of the Company in this regard shall be final. To engage in industry, agriculture, commerce or other enterprises within the region which may be necessary or directly contributory to the socio-economic development of the region and, for this purpose, whether by itself or in cooperation with private persons or entities, to organize, finance, invest in, and operate subsidiary corporations: Provided, That foreign equity capita1 shall not exceed forty per centum of the total paid-in capital at any time: And provided, further, That the Company shall engage only, unless public interest requires otherwise, those activities which are in the nature of new ventures or are clearly beyond the scope, capacity, or interest of private enterprises due to considerations of geography, technical or capital requirements, or rate of returns on investment, and risk. To act as a holding Company, supervise and coordinate the activities of the subsidiary corporations organized under this Act. To make a report annually to the President, the National Economic Council and the Congress of the progress of its activities including those done in collaboration with the various government and private entities engaged in the implementation of socio-economic plans and projects in the region. The report shall include, among other comparison of the development targets as set for the year ending and the extent to which actual accomplishments measure up to such targets, and the administrative and legislative recommendations. The exercise of authority by this Company to carry the aims and objectives of this Act shall not be limited by any existing provision of law to the contrary. Whenever the Company decides to exercise any authority necessary for the development of the region presently vested in another governmental body or agency, the exercise of such authority by the Company shall be deemed exclusive. CHAPTER IIICORPORATE POWERS