Section 10
SEC. 10. Powers to Issue Bonds — Whenever the Board Directors may deem, it necessary for the authority to incur an indebtedness or to issue bonds to carry out the provisions of this Decree, it shall by resolution, so declare and state the purpose for which the proposed debt is to be incurred. It order that such resolution be valid, it shall be passed by the affirmative vote of at least a simple majority of all the members of such Boad and approved by the President of the Philippines upon the recommendation of the Secretary of Finance, after consultation with the National Economic and Development Authority and the Monetary Board of the Central Bank.