ENFORCEMENT POWERS.
Section 12
SEC. 12. ENFORCEMENT POWERS.—If any association which has borrowed funds from FSDC, or from any other lender with FSDC's lawfully required prior approval, shall default in its principal or interest payment, or shall fail, after notice form the FSDC to comply with any other term or condition of loan agreement or of any rule or regulation promulgated by the FSDC in administering the provision of this Decree, the Board of Administrators is hereby authorized and empowered in its direction to do any or any combination of the following: a) Refuse to make or give any lawfully required approval to any new loan to the borrower; b) Withhold without limitations the FSDC advancement, or withhold its approval for any other lender with respect to which the FSDC has such approving power to make advancement of funds pursuant to any loan already made to the borrower; c) Withhold any technical or professional assistance otherwise being furnished or that might be furnished to the borrower; d) Foreclose any mortgage or deed or trust or other security held by the FSDC on the properties of such borrower, in connection with which the FSDC may subject to any superior or co-equal rights in such lien held by any other lender, (1) bid for and purchase or otherwise acquire such properties, (2) pay the purchase price thereof and any cost and expenses incurred in connection therewith out of the revolving fund, (3) accept title to such properties in the name of the Republic of Philippines, and (4) even prior to the institution of foreclosure proceedings, operate or lease such properties for such period, and in such manner as may be deemed necessary or advisable to protect the investment therein, including the improvement, maintenance and rehabilitation of facilities and systems to be foreclosed, but the FSDC shall, within five years after acquiring such properties in foreclosure proceedings sell the same for such consideration as it determines most conducive to the purposes of this Decree; or e) Take any other remedial measure for which the loan agreement may provide. In addition to the foregoing, the Board of Administrators, may at its own instance and in the name of the FSDC, petition any court having jurisdiction for such purpose or any administrative agency possessing regulatory powers for such purpose (including the Board of Power and Waterworks and Securities and Exchange Commission) to issue such order and afford such lawful relief as may be necessary. No borrower shall, without the approval of the Board of Administrators, and of any other lender holding or sharing a lien on such borrower's properties, sell or dispose of the property, rights, franchises, permits or any other assets acquired and/or mortgaged pursuant to the provisions of this Decree until all outstanding indebtedness to the FSDC and any other such lender, including all interest owing thereon, shall have been repaid; Provided, that the FSDC may by appropriate rule or regulation grant general permission to borrowers, to dispose of incidental properties (excluding real property), rights, franchises, permits or other assets no longer deemed necessary or useful in conducting the borrower's operations. No association with outstanding loan with FSDC shall borrow money from any source without the Board of Administrators' prior approval; Provided, that the Board of Administrators may, by appropriate rule or regulation, grant general permission to such associations to secure short term loans not requiring the encumbering of their real properties or a substantial portion of other properties or assets.