Special powers.
Section 5
SEC. 5. Special powers.—The Administration is authored and directed: To establish such regional, provincial and local of as are considered necessary for the efficient conduct of the Administration's activities. To formulate policies and procedures with respect to credits to small farmers and the financing and construction as well as the operation of facilities to be financed by the Administration. To approve such loans as deemed necessary any appropriate and on terms specified by the Board, and to delegate this authority to officials of the Administration To establish and operate terminal markets or producers' exchanges equipped with the necessary facilities for adequate storage which will serve as clearing houses for the cooperative associations; these exchanges to be eventually owned jointly by the cooperative associations in either a region or individual province. To control the issuance of warehouse receipts for the purpose of facilitating liberal production credit and other short-term loans and for the protection of the lending institutions. To supervise any MSA-PHILCUSA Aid to cooperatives which may be entrusted to it by the joint entities, and to provide continuity of the program of assistance initiated by the said entities for the small farmers. To take charge of all government activities relating to the promotion, organization and supervision of cooperative associations in rural areas particularly to promote education in the principles and practices of cooperative production, marketing and credit among farmers. To encourage diversified agriculture and accumulate all necessary statistics related to agricultural production, marketing, credit and financing. To float debentures for the purpose of implementing this Act when sufficient revolving funds to undertake the financing program are not provided for by Congress.