Powers and Functions of the Board of Directors.
Section 10
SEC. 10. Powers and Functions of the Board of Directors.—The Board shall, without limiting the generality of the foregoing, have the following powers and functions: 10.1 To implement the provisions and purposes of this Decree; 10.2 To formulate and adopt policies and plans, and to promulgate rules and regulations for the management, operation and conduct of the affairs and business of the Corporation and for this purpose may limit or refuse insurance in any area or on any farmer because of the risk involved or may expand the subject of insurance coverage to crops other than palay, provided such coverage on other crops shall be approved by the President of the Philippines; 10.3 To borrow funds from local and international financing sources or institutions for the purpose of financing the programs and projects deemed vital for the attainment of the Corporation's goal and objectives; 10.4 To enter into, make and execute contracts of any kind or nature as may be necessary, or incidental to the accomplishment of the purposes of the Corporation. 10.5 To approve the budget of the Corporation and to fix the reasonable compensation of its personnel; Provided, That the Board of Directors shall have exclusive and final authority to promote, transfer, assign or re-assign personnel of the Corporation and these personnel actions are deemed made in the interest of the service and not disciplinary, any provision of existing law to the contrary notwithstanding; 10.6 To establish policies and guidelines for employment on the basis of merit, technical competence and moral character, and approve a staffing pattern of personnel defining their powers and duties; 10.7 To exercise the general powers mentioned in the Corporation Law in sofar as they are not inconsistent or incompatible with the provisions of this Decree.