Specific and general powers.
Section 3
SEC 3. Specific and general powers.—For carrying out the purposes mentioned in the preceding section, subject to the terms of the last paragraph thereof, the Abaca Corporation of the Philippines shall have authority: To buy, sell, export, barter, and in" any other manner deal in abaca. To buy, sell, assign, own, operate, rent or lease, subject to existing law, merchant vessels, rails, railroad lines, and a ny other means of transportation, stripping machines, decorticators, presses, warehouses, buildings, and any other equipment and material for stripping, decorticating, warehousing and, in general, for everything connected with the proper handling of abaca. To act as agent, broker, commission merchant or representative of the producers, merchants, pressmen or other dealers in abaca and the products derived there from. To grant loans to abaca planters, cooperatives or centrals, guaranteed by a mortgage or pledge on abaca crops, fibers or other securities: Provided, however, That no loan shall be granted, which is in excess of eighty per cent of the market value of the securities: And provided, further, That interest thereon shall not be in excess of four percent per annum. To invest the funds of the Corporation in the form of ordinary or preferred shares, in any private corporati0n established for the purpose of raising, developing, managing or administering abaca plantations or establishing industrial plants using abaca or its by products as their prime raw materials, or warehouses for the stage of abaca fibers, its by-products, derivatives orresulting manufactured products, or cooperatives founded in aid of the abaca industry: Provided, however, That no investment in excess of one million pesos shall be granted without the approval of the Office of Economic Coordination or its successor. To borrow or otherwise raise funds for carrying out the objects of this corporation, whenever the needs of this industry require it, with the consent of the President of the Philippines. To enter into, make and execute contracts of any kind as may be necessary or incidental to the attainment of its purposes, with any person, firm or public or private corporation, with the Governments of the Philippines or the United States or of any state, territory or possession thereof, or with any foreign government. In general, to do everything directly or indirectly necessary or incidental to, or in furtherance of the purposes of the Corporation. In the transaction of its business, to perform all acts which a co-partnership or natural person is authorized to perform under the laws now existing or which may be enacted hereafter. Generally, to exercise such incidental powers as may be necessary to carry out the purposes and objectives of this Act within the limitations prescribed by the same. Chapter IIIMANAGEMENT