Section 3
Sec. 3. To carry out these purposes, the Corporation shall have the following powers: To hold without limitation as to area public agricultural lands for a period not exceeding twenty-five years,renewable by the President of the Philippines for another period of not exceeding twenty-five years; To recommend to the President of the Philippines the reservation of public lands, preferably those situated along national highways,and to provide-for the clearing, breaking, and cultivation of the lands so reserved for subsistence fanning, or for money crops, or for both, on a cooperative basis or under such arrangements as may prove beneficial to the settlers, and for their survey into convenient lots, and to set aside such area or areas as may be deemed desirable for town sites, roads, government building sites, parks, and other public improvements. The:expenses incurred in connection with¦the survey and subdivision of lots for allotment to settlers or for their initial cultivation shall be chargeable to the fund herein appropriated and shall be prorated among the lots of the subdivisions and charged against the corresponding settlers. To dispose of the lands so reserved, held, surveyed, or subdivided to persons qualified under the Constitution and the Public Land Act and who possess such other qualifications as may be prescribed by the Board of Directors. The disposition and final grant of the land shall be made subject to the limitations prescribed in the Constitution and the Public Land Act and to the compliance of all conditions as may be imposed by the Board of Directors. .Within a period of•ten years after such final grant, the land shall not, except by, inheritance, be encumbered,alienated or transferred, nor shall it become liable to the satisfaction of any debt contracted prior to the:expiration of said period; but the improvements or crops on the land may be mortgaged or pledged to the credit agencies created under the provisions of this Act. No settler shall be entitled to hold a lot more than twenty-four hectares, and no officer or employee of the Corporation shall be permitted to acquire,directly on indirectly, any land within the reservation, unless with the specific approval of the Board of Directors in each case. The applicants shall be recruited from all provinces in proportion to their respective population, and.in.case a province shall not be able to fill the quota assigned, the unfilled portion of the quota may be covered from other provinces having greater number of applicants. To acquire from private parties those lands that are necessary to enable it to carry out the purposes for which it is created, for roads, highways, streets, and avenues, or those private lands surrounded by or adjacent to the public land acquired by the Corporation. To make contracts and enter into such arrangements or contracts as it may consider convenient and advantageous to the comnon interest of the settlers and the Government for the development, exploitation, and operation of any of its properties; To establish and operate credit agencies to extend credit to the settlers upon the security of rights acquired by them as settlers on the crops raised or improvements made by them. The rate of interest on such loan shall not exceed six per centum per annum. To establish and operate electric light and water plants, water supplies, irrigation systems, trading stores or cooperatives to engage in the buying and selling of commodities, and other services or improvements which in the judgment of the Board will promote the well-'being of the settlers; To act as agent, broker, commission merchant, or representative of the settlers,in the marketing of the products raised or made by such settlers; To borrow, issue bonds, or otherwise raise funds for carrying out the objects of this Corporation, whenever it is deemed necessary for the interest of the settlers, giving its property as security therefor; To engage in manufacturing, milling, lumbering, retailing, and in such business enterprises or industries as may be.necessary and desirable to insure the success of the land settlement projects; To adopt such uniform rules and regulations as may be. necessary to carry out the purposes of-this Act;