Section 17
SEC. 17. Liquidation.-When its term or period of existence has expired in accordance with the provisions of this Act, it shall, nevertheless, continue as a body corporate for three (3) years after the time of its dissolution for the purpose of prosecuting and defending suits by or against it and of enabling it gradually to settle and close its affairs, to dispose of and convey its properties, but not for the purpose of continuing the business for which it was established. In order to carry out its liquidation, upon the dissolution of the corporation, a Board of Liquidators shall be appointed by the President to take charge of winding up its corporate affairs and effecting its liquidation, subject to the supervision and control of the Administrator of Economic Coordination.