Purposes and Powers.
Section 4
SEC. 4. Purposes and Powers.—The Corporation shall have the following purposes and powers: To invest in the iron and steel industry as well as in any activity related to iron or steel operations, and to set up or form business subsidiaries under the Corporation Law or through the acquisition of the controlling interests of existing corporations, which may be necessary or contributory to the economic development of the country and the region, or important in the public interest, or deemed convenient or incidental to the carrying on of any of the purposes of the Corporation, or which will promote the well-being of the Corporation; To provide and maintain an adequate or increased supply at all times of iron and steel products at reasonable cost for domestic requirements and exports; To reduce the excessive dependence of the country and the region on imports of iron and steel products; To foster conditions of iron and steel production conducive to a balanced and sustainable growth of the economy and the region. Subject to governmental policy, the Corporation shall also have the following purposes and powers: To enter into contracts with any person or entity, domestic or foreign, and with governments for the undertaking of the varied aspects of the iron or steel industry, under such terms and conditions as it may deem proper and reasonable; To purchase, hold, alienate, mortgage, pledge or otherwise dispose of the stocks, bonds, and other securities or evidences of indebtedness of any other corporation, association, firm or entity, domestic or foreign, and, while the owner of holder thereof, to exercise all the rights and powers of ownership, including the right to vote thereon for any purpose; To hold lands and acquire rights over mineral lands as may be necessary to accomplish its purposes; Subject to existing rights, to lease or contract for unappropriated public waters and foreshore and offshore areas, which, in the decision of the President of the Philippines, is essential to the exercise of the purposes of the Corporation, and the same shall be granted to the Corporation by the proper government agency concerned under such terms and conditions as may be mutually agreed upon between them; To enter into any lawful arrangement for sharing profits, joint venture, union, interests, reciprocal concession or cooperation with any person or corporation, association, partnership, syndicate or entity located in or organized under the laws of any authority in any part of the world in the carrying on of any business which the Corporation is authorized to carry on, or any business or transaction deemed necessary on of any of the purposes of the Corporation; To acquire assets, real or personal, or interest therein, and encumber or otherwise dispose of the same as it may deem proper and necessary in the conduct of its business; To establish and maintain for its own use such communication system, whether by radio, telegraph or any other manner, without the need of a separate franchise therefor; To determine its organizational structure, and the number and salaries of its officers and employees, in accordance with existing laws, rules and regulations; To design, write, prepare, publish and display, in any manner, advertisements, publicity or promotional devices of all kinds for itself or for others which are necessary or convenient for the accomplishment of the purposes of the Corporation; To exercise the right of eminent domain as may be necessary for the purposes for which the Corporation is created, subject to existing provisions of laws; Subject to payment of the proper amount, to enter private lands for the purpose of conducting studies in connection with its purposes, powers and functions; To acquire easement over public and private lands necessary for the purpose of carrying out any work essential to its purposes, powers and functions, subject to payment of reasonable considerations; To adopt a code of by-laws to complement this charter; To adopt and use a corporate seal which shall be judicially noticed; to sue and be sued; and To perform such corporate acts and exercise such corporate functions authorized by the Corporation Law not inconsistent with this decree and such other acts necessary for the attainment of the purposes and objectives herein specified. The preceding clauses shall be construed and interpreted as both purposes and powers, and the matters expressed in them shall, except as otherwise expressly provided, be in no wise limited by reference to or inference from the terms of any other clause, but shall be regarded as independent purposes and powers, and the enumeration of specific purposes and powers shall not be construed to limit or restrict in any manner the meaning in general terms of the general powers of the Corporation, nor shall the expression of one thing be deemed to exclude another not expressed, if it be of like nature.