Powers and Duties of the Board.
Section 22
SEC. 22. Powers and Duties of the Board. — The powers and duties of the Board shall be as follows: Promulgate and enforce such rules and regulations as may be necessary to implement the intent and provisions of this Decree, Presidential Decree No. 535, or any law or Decree that may be passed pertaining to the Authority, which rules and regulations shall take effect immediately following their publication in two (2) national newspapers of general circulation in the Philippines. Approve the annual budget and implemental budgets of the Authority. Appoint, discipline and remove, fix the compensation of, and define the duties of the Authority's key personnel subject to the provisions of Section 28 to 30 hereof. Authorize any contract or agreement as may be necessary for the proper, efficient and stable administration of the Authority and for the attainment of the purposes and objectives of this Decree; Render annual reports to the President and such special reports as may be requested. Process and approve, imposing such terms and conditions as it may deem necessary to promote the objectives of Presidential Decree No. 535, including refund of incentives availed of or to be availed of by an enterprise in amounts to be determined by the Board, applications for registration under Presidential Decree No. 535, and issue the proper certificate of registration upon payment of the necessary fees; After due hearing, decide controversies that may arise concerning the implementation of this Decree and of Presidential Decree No. 535 within thirty (30) days after the controversy has been submitted for decision; Periodically check and verify, either by inspection of the books or by requiring regular reports, the proportion of the participation of Philippine Nationals in a registered enterprise to ascertain compliance with its qualification to retain registration under Presidential Decree No. 535; After notice and hearing, cancel the registration or suspend the enjoyment of incentive benefits of any registered enterprise including interests and monetary penalties, for (1) failure to maintain the qualifications required by Presidential Decree No. 535 for registration or (2) for willful or grossly negligent violation of any provision of that Decree, of the rules and regulations issued under this Decree and the aforementioned Presidential Decree No. 535, or the terms and conditions of registration, or of laws for the protection of labor or of the consuming public; Generally, exercise all the powers necessary or incidental to attain the purposes of this Decree.