Corporate Powers of the TRANSCO.
Section 10
SEC. 10. Corporate Powers of the TRANSCO. — As a corporate entity, TRANSCO shall have the following corporate powers: To have continuous succession under its corporate name until otherwise provided by law; To adopt and use a corporate seal and to change, alter or modify the same, if necessary; To sue and be sued; To enter into a contract and execute any instrument necessary or convenient for the purpose for which it is created; To borrow funds from any source, whether private or public, foreign or domestic, and issue bonds and other evidence of indebtedness: Provided, That in the case of the bond issues, it shall be subject to the approval of the President of the Philippines upon recommendation of the Secretary of Finance: Provided, further, That foreign loans shall be obtained in accordance with existing laws, rules and regulations of the Bangko Sentral ng Pilipinas; To maintain a provident fund which consists of contributions made by both the TRANSCO and its officials and employees and their earnings for the payment of benefits to such officials and employees or their heirs under such terms and conditions as it may prescribe; To do any act necessary or proper to carry out the purpose for which it is created, or which, from time to time, may be declared by the TRANSCO Board as necessary, useful, incidental or auxiliary to accomplish its purposes and objectives; and, Generally, to exercise all the powers of a corporation under the corporation law insofar as they are not inconsistent with this Act.