Section 6
SEC. 6. The Board shall be vested with the following powers and functions: To act on applications for the issuance of Commodity Trade Permits: Provided, That applications shall be acted upon without unnecessary delay and shall be approved or disapproved within ten (10) days from the date of filing of the same: Provided, further, That basic supporting papers; accompanying the initial application, such as, articles of incorporation, contracts of partnership or association, financial statements, certification of the Government Bureau, Office or Agency concerned that the commodities sought to be exported or imported are not prohibited to be exported or imported by existing laws, orders, rules or regulations, and that the applicant is a bona fide producer as provided in this Act, and such other necessary documents, supported by affidavit of the applicant, shall be required to be filed only once. To organize the staff of the Board and appoint and the compensation of the personnel subject to Civil Service rules and regulations. To promulgate rules and regulations necessary for the proper implementation of this Act, said rules and regulations and subsequent amendments thereto, to take effect fifteen days after their publication in a newspaper of general circulation printed in Manila.