Liquidation.
Section 16
SEC. 16. Liquidation.—When the PTA is dissolved by law, it shall nevertheless continue as a body corporate for three years after the time of its dissolution, for the purpose of prosecuting and defending suits by or against it, and enabling it gradually to settle and close its affairs, and to dispose of and convey its properties, but not for the purpose of continuing the business for which it was established. Upon dissolution of the PTA, a Board of Liquidators shall be appointed by the President of the Philippines to take charge of winding up its corporate affairs and effecting its liquidation, and all the transactions of this Board shall be subject to the supervision and control of the Administrator of Economic Coordination.