Section 5Sec./Art. 5

Powers of the Conversion Authority. -To carry out its objectives under this Act, the Conversion Authority is hereby vested with the following powers:

a. To succeed in its corporate name, to sue and be sued in such corporate name and to adopt, atter and use a corporate seal which shall be judicially noticed;

b. To adopt, amend and repeal its bylaws;

c. To enter into, make, perform and carry out contracts of every class, kind and description which are necessary or incidental to the realization of its purposes with any person, firm or corporation, private or public, and with foreign government entities;

d. To contract loans, indebtedness, credit and issue commercial papers and bonds, in any local or convertible foreign currency from any international financial institutions, foreign government entities, and local or foreign private commercial banks or similar institutions under terms and conditions prescribed by law, rules and regulations;

e. To execute any deed of guarantee, mortgage, pledge, trust or assignment of any property for the purpose of financing the programs and projects deemed vital for the early attainment of its goals and objectives, subject to the provisions of Article VII, Section 20, and Article XII, Section 2, paragraphs (4) and (5) of the Constitution;

f. To construct, own, lease, operate and maintain public utilities as well as infrastructure facilities;

g. To reclaim or undertake reclamation projects as it may deem necessary in areas adjacent or contiguous to the Conversion Authority's lands described in Section 7 of this Act either by itself or in collaboration with the Public Estates Authority (PEA) established under Presidential Decree No. 1084 as amended;

h. To acquire, own, hold, administer, and lease real and personal properties, including agricultural lands, property rights and interests and encumber, lease, mortgage, sell, alienate or otherwise dispose of the same at fair market value it may deem appropriate;

i. To receive donations, grants, beguests and assistance of all kinds from local and foreign governments and private sectors and utilize the same;

j. To invest its funds and other assets other than those of the Special Economic Zones under Sections 12 and 15 of this Act in such areas it may deem wise;

k. To exercise the right of eminent domain;

l. To exercise oversight functions over the Special Economic Zones declared under this Act and by subsequent presidential proclamations within the framework of the declared policies of this Act;

m. To promulgate all necessary rules and regulations; and

n. To perform such other powers as may be necessary and proper to carry out the purposes of this Act.