Corporate Powers.
Section 6
SEC. 6. Corporate Powers. — The Corporation shall have the power: To adopt, alter, and use a corporate seal which shall be judicially noticed; To have the right of succession; To make or enter into contracts; To lease or own real and personal property, and to sell or otherwise dispose of the same; To sue and be sued; To act as receiver; To take, hold and sell mortgages on real and personal property and any other security, as additional security for any loan made or guarantees given under this Act, and to acquire, by foreclosure or other proceedings, or in any manner, sell, lease or otherwise dispose of real and/or personal property; To employ agents or representatives in any part of the Philippines and/or abroad in the pursuit of the affairs of the Corporation; To invest the earnings of the Corporation in bonds, stocks, debentures, or other securities which are fully guaranteed by the Government of the Philippines or by the Central Bank of the Philippines: Provided, however, That preference shall be given to Central Bank supported securities which are high yielding and readily marketable; To contract indebtedness in any currency, issue, sell and discount bonds, debentures, and other evidences of indebtedness of the Corporation, upon recommendation of the Secretary of Finance and with the concurrence of the Monetary Board of the Central Bank of the Philippines, but in no case to exceed at, any one time, including other borrowings, an aggregate amount equivalent to fifteen times its combined capital and surplus; To adopt, by its Board of Directors, by-laws not inconsistent with law, prescribing the manner by which its general business may be conducted, and the privileges granted to it may be exercised and enjoyed; To promulgate such rules and regulations as may be necessary to implement the intent and provisions of this Act, which rules and regulations shall take effect thirty (30) days after their publication in two (2) newspapers of general circulation in the Philippines; 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; To acquire, discount and hold such assets and incur such liabilities as may result directly from operations authorized by the provisions of this Act, or as are essential to the proper conduct of such operations. In discharging its functions and in exercising its authority under this Act, the Corporation may avail itself of the services and facilities of appropriate departments, branches, and agencies of the Government of the Philippines, including government owned-or-controlled corporations. Such government instrumentalities and sub-divisions shall extend such assistance to the Corporation as may be necessary for the attainment of the objectives of this Act.