Powers, Functions, Eminent Domain, etc.
Section 6
SEC. 6. Powers, Functions, Eminent Domain, etc.—Without in anyway limiting the powers of the Company, in order to accomplish the purposes of this Act, the Company shall have, among others, the following powers and functions: To exercise the right of eminent domain in the name of the Republic of the Philippines whenever necessary to accomplish the purposes of this Act. The title to the real estate acquired by condemnation proceedings, shall be in the name of the Republic of the Philippines, but said real estate shall be entrusted to the Company as the agent of the Republic of the Philippines. To review the budgets, approve management contracts and determine the general policies of the subsidiary corporations organized under this Act, while the optional policies are left to the boards of directors of corporations. To issue bonds and to borrow funds from any local or foreign financial institution to finance its projects. To hold, own or acquire agricultural and forest or pasture lands in excess of the area permitted to private corporations, associations and persons by the Constitution and Laws of the Philippines. To succeed on its corporate name; to adopt, alter, and use a corporate seal which shall be judicially noticed; to sue and be sued in its corporate name; to adopt, amend, and repeal its by-laws; to enter into contracts of any kind and description to enable it to discharge its functions under this Act; 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 such personal and real property held; and to make such regulations as are necessary to execute the powers and functions vested in it by this Act. To do all other things and to transact all such business as are directly or indirectly necessary, incidental or conducive to the attainment of the purposes of the Company;and Generally, to exercise all the powers of a corporation under the Corporation Law insofar as they are not inconsistent with the provisions of this Act. CHAPTER IVORGANIZATION AND FINANCING