Section 8Sec./Art. 8

Powers and Functions of the Board. - The Board shall have the following powers and functions, as well as the usual corporate powers:

(a) 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 Board, its officers, and employees;

(b) Act upon the annual budget and such supplemental budgets of the Authority submitted by the General Manager: Provided, That the Board may reduce but not increase any item proposed by the General Manager;

(c) Subject to the approval of the GCG as provided under Republic Act No. 10149, approve the Authority's organizational and administrative structures and staffing pattern, and establish, fix, review, revise, and adjust the appropriate compensation package of its officers and employees as submitted by the General Manager;

(d) Approve financial or investment schemes and transactions entered into by the General Manager;

(e) Approval all contracts or agreements, as may be necessary for the attainment of the purposes and objectives of this Act;

(f) Approve all memoranda of agreements, joint ventures, long-term leases, and management contracts with the private sector, which may include real estate developers or construction companies with dependable reputations and proven track record in developing and managing real estate ventures;

(g) Prescribe the policy for the condonation or compromise, in whole or in part, of penalties, interests, or civil liabilities imposed on beneficiaries with delinquent accounts who, for justifiable reasons, failed to pay on time any obligation due to the Authority;

(h) Approve annual reports that will be submitted to the President and other special reports, as may be requested; and

(i) Exercise such other powers necessary for the attainment of the purposes of this Act.