Powers of the Board.
Section 15
SEC. 15. Powers of the Board. — The Board shall have the following powers: To formulate policies, rules and regulations to carry out effectively the functions of the Fund under this Act; To promulgate such rules and regulations as may be necessary or proper for the effective exercise of the powers and functions, as well as the discharge of the duties and responsibilities of the Fund, its officers and employees; To authorize expenditures of the Fund in the interest of effective administration and operations; to adopt from time to time the budgets for said purposes; To approve the annual and supplemental budget of receipts and expenditures including salaries and allowances of the Fund personnel; to authorize such capital and operating expenditures and disbursements as may be necessary and proper for the effective management and operation of the Fund; To condone, in whole or in part, penalties imposed on loans of members/borrowers who, for justifiable reasons prescribed by the Board, failed to pay on time any obligation due to the Fund: Provided, That such exclusive power to condone shall Likewise apply to penalties imposed on employers, who justifiably fail to remit when due the required contributions of their employees; To approve the Fund's organizational and administrative structures and staffing pattern, and to establish, fix, review, revise and adjust the appropriate compensation package for the officers and employees of the Fund in accordance with Section 13(k) hereof; and To exercise such powers as may be necessary to carry into effect the powers and accomplish the purposes for which the Fund is established.