Specific and general powers.
Section 5
SEC. 5. Specific and general powers.— In order to carry out the purposes mentioned in the preceding Section, the Company shall have the following powers: To grant medium and long term loans to Filipino citizens or enterprises, at least seventy percent (70%) of the capital stock of which is owned by Filipinos, for the purpose of financing the establishment, development and expansion of new and/or existing coconut agricultural, industrial or other productive enterprises with proven profitability or great profit potential: Provided, That priority in the grant of loans shall be given to bona-fide coconut farmers or associations owned or controlled by such farmers: Provided further, That the loans granted shall be properly secured in accordance with existing banking laws: Provided, finally, That not less than sixty per cent (60%) of the total loanable funds to coconut farmers shall be allocated for loans to coconut farmers owning not more than ten hectares; To invest in shares of stock of corporations, at least seventy percent (70%) of the capital stock of which Is owned by Filipinos for the purpose of financing the establishment, development and expansion of new and/or existing coconut industrial, financial and marketing enterprises with proven profitability or great profit potential; To organize subsidiaries for the purpose of constructing, establishing and operating coconut centrals or mills and other collateral and support enterprises which will enhance the development, integration and modernization of the coconut industry; To finance technical and economic research studies, promotional programs, scholarship grants and industrial manpower development projects for the coconut industry; To issue bonds and other certificates of indebtedness in an amount not exceeding one hundred million pesos (P100,000,000) the proceeds from the sale of which shall be used exclusively in its lending and investment operations, subject to the approval of the Monetary Board: Provided, That the bonds to be issued under this Act shall be exempted from taxation, attachment, execution and seizure; and To enter into contracts and execute such other acts and exercise such powers as may be necessary to carry out the purposes of this Act.