Section 3
SEC. 3. The said corporation shall be subject to the provisions of the Corporation Law insofar as they are not inconsistent with the provisions of this Act, or the purposes for which the corporation is formed, and shall have the general powers mentioned in said Law, and such other powers as may be necessary to enable it to promote and maintain a sufficient general production by an efficient coordination of the productive forces of the country, or otherwise, and to secure a stable market for Philippine products. Without restricting in any manner any of the aims and purposes of the corporation as set forth in this section, it is hereby expressly declared and provided that the National Development Company may engage in commercial, industrial, mining, agricultural, and other enterprises which may be necessary or contributory to the economic development of the country, or important in the public interest, and for this purpose, it may hold public agricultural lands and mineral lands in excess of the areas permitted to private corporations, associations, and persons by the Constitution and by the laws of the Philippines, for a period not exceeding twenty-five years, renewable by the President of the Philippines for another period not exceeding twenty-five years; to acquire, hold, mortgage, and alienate personal and real property in the Philippines or elsewhere; to make contracts and enter into such arrangements as it may consider convenient and advantageous to its interests, for the development, exploitation, and operation of any of its land or mineral holdings, as well as of its industrial enterprises; to contract loans, to issue bonds and other obligations as security therefor, and for property purchased or acquired by it, or for any other object in or about its business; to mortgage or pledge any share, stock, bond or other obligation, or any property which may be acquired by it; to secure any bond or other obligation by it issued or incurred, to make contracts of any kind and description; 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 corporations, co-partnership or co-partnerships 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; and for carrying on its business, or for the purpose of attaining or furthering any of its objects, or authorized in this Act, to perform any and all acts which a co-partnership or natural person is authorized to perform under the laws now existing or which may be enacted hereafter: Provided, That, unless the public interest so requires, the corporation herein constituted shall not engage in such activities as to bring it into competition with private enterprises.