Section 9
SEC. 9. Section 9 of the same Act is hereby amended to read as follows: "SECTION 9. Power to Incur Debts, and to Issue Bonds. Whenever the Board of Directors may deem it necessary for the Authority to incur an indebtedness or to issue bonds to carry out the provisions of this Act, it shall by resolution so declare and state the purpose for which the proposed debt is to be incurred. The resolution shall be confirmed by the affirmative vote of the stockholders representing a majority of the subscribed capital stock outstanding and entitled to vote. "The Authority shall submit to the NEDA Board and the Monetary Board of the Central Bank for approval its proposal to incur indebtedness or to issue bonds. This shall be considered authorized upon approval of the President of the Philippines.