Powers.
Section 4
SEC. 4. Powers.—The Commission shall have the following powers: To insure mortgages and loans upon application by qualified mortgagees as provided in Chapter II of this Act; To insure the paid subscription of shareholders in Building and Loan Associations as provided in Chapter III of this Act; To underwrite, purchase, own, sell, mortgage or otherwise dispose of stocks, bonds, debentures, securities and other evidences of indebtedness issued for in connection with the powers enumerated in the preceding paragraphs and under Chapters II and III of this Act. To issue bonds, debentures, securities, collaterals, notes and other obligations with the approval of the President after consultation with the Monetary Board of the Central Bank of the Philippines, but in no case to exceed for any one time the aggregate amount of the principal obligations of all mortgages and accounts insured under Chapters II and III of this Act plus the amount authorized for the Home Financing Fund in accordance with the provisions of section six of this Act. These bonds and other obligations shall be issued under such terms and conditions as are provided in this Act and the rules and regulations prescribed by the Commission and shall be redeemable at the option of the Commission at or before maturity and in such manner as may be stipulated therein and shall bear such rate of interest as may be fixed by the Commission but not more than four per cent per annum. Such obligations shall be secured by the assets of the Commission, including the stocks, bonds, debentures and : other securities underwritten, purchased or held by it Sunder the provisions of this Act. The Commission shall provide for appropriate reserves for the redemption or retirement of said obligations. Such obligations may be issued and offered for sale at such price or prices as the Commission may determine, and shall be exempt from taxation as to principal and interest, except estate, inheritance and gift taxes. The said obligations shall be and are hereby fully and unconditionally guaranteed both as to principal and interest by the Government of the Republic of the Philippines and such guaranty shall be expressed on the face thereof. Bonds issued by the Commission shall be registered at the request of the holder thereof under such rules and regulations as may be prescribed by the Commission: To promote housing by the aided self-help method whereby families with some outside aid build their own houses with their own labor; to provide technical guidance to such families; to own and let out at nominal rental any simple equipment or tools needed for self building of houses; to insure loans to such families on first liens on house and land and with such other security and conditions as the Commission shall determine, providing at least for ultimate recovery of principals; and to do such other activities as are relevant and significant in such a of aided self-help for housing. To adopt, alter, and use a corporate seal; to contracts; to lease or own real and personal property; and to sell, mortgage or otherwise dispose of the same; To sue and be sued in any court of competent jurisdiction; To employ such officers and personnel as may be necessary to carry out the business of the Commission; otherwise to do and perform any and all things that may be necessary, proper or incidental to carry out the purposes of this Act.