Section 11Sec./Art. 11

Powers and Responsibilities of the Board of Directors. The Board of Directors shall have the following powers and responsibilities:

(a) Determine and formulate the general policies and guidelines on the proper administration of the CSF Cooperative;

(b) Act as Manager of the CSF until such time that trustee banks are designated or appointed as manager;

(c) Designate bank/s duly licensed by the BSP to perform trust and other fiduciary functions as trustee bank/s or investment manager/s, which will, among others, manage the investment, reinvestment and disposition of the fund as provided under Republic Act No. 8791, otherwise known as The General Banking Law of 2000;

(d) Promulgate such rules and guidelines governing the infusion of additional contributions to the CSF, admission of new members and acceptance of additional contributions, in the form of investments or contributions;

(e) Enter into contracts and transactions involving, affecting or relating to the CSF, including, but not limited to, the issuance of the Surety Agreement in favor of lending banks;

(f) Sue and be sued in cases involving the CSF;

(g) Periodically review the CSF and be responsible for taping appropriate action on the audit of the financial condition and operations of the CSF;

(h) Create committees and appoint other officers subject to the qualifications provided by the CSF Cooperatives Board of Directors and bylaws;

(i) Delegate to the Chairman, Vice Chairman, or any member of the Board of Directors, any of its powers whenever deemed necessary for the best interest of the CSF and as allowed by law;

(j) Exercise general supervision of all the affairs of the CSF Cooperatives including the issuance of policies, rules and regulations governing the operations of the CSF and be directly accountable to the general membership of the CSF Cooperatives;

(k) Issue the Surety Agreement jointly and severally with the endorsing entity in favor of the lending bank to secure the loans of qualified borrowers; and

(l) Perform such acts and exercise such powers and duties as may be necessary and proper in order to achieve the purpose for which the CSF was created or for any purpose which will redound to the benefit of the members of the CSF Cooperatives.