Purposes.
Section 4
SEC. 4. Purposes.—The Authority shall have the following purpose: a) To make a comprehensive survey of the physical and natural resources and potentialities of the region, more particularly the development of the Laguna Lake resources including its social conditions, hydrological studies, power potentials, development of scenic and tourist spots, conservation of water resources and such other regional problems, and on the basis thereof, to draft a comprehensive and detailed plan designed to promote the region's rapid social and economic development and to implement such plan or plans; b) To provide the machinery for extending the necessary planning, management and technical assistance to prospective and existing investors in the region; c) To make recommendation to the proper agencies on the peso or dollar financing, technical support, physical assistance and, generally, the level of priority to be accorded agricultural, industrial and commercial projects, soliciting or requiring direct help from or through the government or any of its instrumentalities; d) To pass over all plans, programs, project developments proposed by local governmental agencies within the region, public corporations, and private enterprises where such plans, programs, and/or project developments are related to the development of the region as envisioned in this Act. The Authority shall determine whether such plans, programs, and/or project developments need to be approved by the Authority under this provision and the decision of the Authority shall be final; e) To engage in agriculture, industry, commerce, or other activities within the region which may be necessary or directly contributory to the socio-economic development of the region, and, for this purpose, whether by itself or in cooperation with private persons or entities, to organize, finance, invent in, and operate subsidiary corporations: Provided, That the Authority shall engage only, unless public interest requires otherwise, in those activities as are in the nature of new ventures or are clearly beyond the scope, capacity, or interest of private enterprises due to consideration of geography, technical or capital requirements, return on investment, and risk; f) To plan, program and/or undertake the readjustment, relocation, or resettlement of population within the region as may be deemed necessary, and beneficial by the Authority; g) To make an annual report to the stockholders regarding the operation of the Authority more particularly a statements of its financial conditions, activities undertaken, progress of projects and programs and plans of actions for the incoming years: Provided, however, That a majority of the stockholders may require the Authority to submit report or reports other than the annual report herein required, which report must be submitted within a period of thirty (30) days from notice thereof; h) To lend or facilitate the extension of financial assistance and/or act as surety or guarantor to worthwhile agricultural, industrial and commercial enterprises; i) To reclaim or undertake reclamation projects and/ or acquire such body of lands from the lake as may be necessary to accomplish the aims and purpose of the Authority.