Section 3
SEC. 3. The Fertilizer Industry Authority shall have the following powers: To make a continuous assessment of the fertilizer supply and demand situation, both domestic and worldwide; To establish and enforce sales quotas, production schedules, distribution areas and such other marketing regulations as may be necessary to assure market stability and viable operations in the industry; To determine and set the volumes and prices, both wholesale and retail of fertilizer and fertilizer inputs; To negotiate and enter into contracts for all imports and exports of fertilizer and fertilizer inputs; To import fertilizer and fertilizer inputs exempt from customs duties, compensating and sales taxes and all other taxes for a period of two years from date hereof, unless earlier terminated or later extended by the President, and to sell or convey such fertilizer or fertilizer input to any individual association, partnership, or corporation likewise exempt from the payment of customs duties and all other taxes; To control and regulate all marketing companies, whether importer, indentor, wholesaler or retailer; To regulate and control quality of the different grades of fertilizer and to set new grades when necessary; To compel the utilization of unused or underutilized capacities of fertilizer companies and to direct any improvements, modifications or repairs as may be necessary to accomplish this; To approve or to reject the establishment of new fertilizer or fertilizer input plants and the expansion or contraction of existing capacities; To promote and coordinate all fertilizer research; To obtain complete access to all pertinent information on the operations of the industry, including audited and/or unaudited financial statements, marketing, production, and inventory data; To call upon anyone in the fertilizer industry or in industries related to the fertilizer industry or any other government agency to assist the Authority in carrying out its functions; To establish and impose appropriate penalties on the fertilizer manufacturers, distributors, dealers, wholesalers, retailers and raw-materials suppliers for violations of any rule, quota, or guideline established by the Authority; and To do any and all acts not contrary to law or existing decrees and regulations as may be necessary to carry out the functions of the Authority.