Section 5
SEC. 5. Section 8 of the same Act is hereby amended to read as follows: "SEC. 8. The Corporation as a corporate body shall have the powers: "First— To adopt and use a corporate seal; "Second— To have succession until dissolved by an Act of Congress; "Third&mdashTo make contracts; "Fourth— To sue and be sued, complain and defend, in any court of law in the Philippines. All suits of a civil nature to which the Corporation shall be a part shall be deemed to arise under the laws of the Philippines. No attachment or execution shall be issued against the Corporation or its property before final judgment in any suit, action or proceeding in any court. The Board of Directors shall designate an agent upon whom service of process may be made in any province or city or jurisdiction in which the insured bank is located; "Fifth— To appoint by its Board of Directors such officers and employees as are not otherwise provided for in this Act, to define their duties, fix their compensation, require bonds of them and fix penalty thereof and to dismiss such officers and employees for cause; "Sixth— To prescribe, by its Board of Directors, by-laws not inconsistent with law, regulating the manner in which its general business may be conducted, and the privileges granted to it by law may be exercised and enjoyed; "Seventh— To exercise, by its Board of Directors, or duly authorized officers or agents, all powers specifically granted by the provisions of this Act, and such incidental powers as shall be necessary to carry on the powers so granted; "Eighth— To make examinations of and to require information and reports from banks, as provided in this Act: Provided, That any examination shall be made simultaneously with the examination by the Departments of the Central Bank conducting examinations on banks; "Ninth— To act as receiver; and "Tenth— To prescribe by its Board of Directors such rules and regulations as it may deem necessary to carry out the provisions of this Act."