Section 3
SEC. 3. Section nine of Republic Act Numbered Eleven hundred and sixty-nine is hereby repealed, and the following shall be inserted as the new provisions of Section nine, to read as follows: "SEC. 9. Powers and Functions of the Board of Directors.—The Board of Directors of the Office shall have the following powers and functions: "A. To adopt or amend such rules and regulations to implement the provisions of this Act. "B. Consistent with the purposes of this Act, to determine and approve the most effective organizational framework for the Office and its staffing pattern; to fix the salaries and determine the reasonable allowances, bonuses and other incentives of its officers and employees as may be recommended by the General Manager; and to prescribe the manner of hiring and compensating on a contractual basis such sales and other personnel as may be required for its operations, subject to pertinent civil service and compensation laws. "C. To contract loans, credits and indebtedness, whether domestic or foreign, on such terms and conditions as it may deem appropriate for the accomplishment of its purposes, subject to applicable laws, rules and regulations. "D. To promulgate rules and regulations for the operation of the Office and to do such act or acts as may be necessary for the attainment of its purposes and objectives."