Section 7Sec./Art. 7

Powers.- The Authority shall have the power and responsibility to:

a. Have perpetual succession under its corporate name until otherwise provided by law;

b. Prescribe its bylaws and such rules and regulations as may be found necessary to promote or enhance the business of the Authority;

c. Adopt and use a seal;

d. Sue and be sued in any court;

e. Enter into contracts, transactions, and undertakings of whatever nature, which are necessary or incidental to its functions and objectives, with any natural or juridical persons or with any government institutions, domestic or foreign;

f. Acquire, own, hire, use, operate and dispose of personal property and to acquire, own, use, lease, operate and dispose of real property and interests thereon and to make improvements on such real property, including the reclamation, for port purposes, of foreshore and submerged lands within its territorial jurisdiction; which reclaimed land shallipso factobe deemed transferred in ownership to the Authority; and to enter into contracts with any public or private entity for such reclamation under such terms and conditions as it may deem to be for the public interest;

g. Purchase, hold alienate, mortgage, pledge or otherwise dispose of the shares of the capital stock of, or any bond, security or other evidences of indebtedness created by any other corporation or co-partnership of this or any other country, and while the owner of said stock, to exercise all the rights of ownership, including the right to vote thereon;

h. Exercise the right of eminent domain;

i. Exercise all other powers not contrary to law which may be necessary or incidental to the effectuation of its authorized purposes or to the exercise of any of the foregoing powers, except the power to levy taxes or assessments and, in general to exercise in connection with property within its control all powers which may be exercised by a natural or juridical person over its property and affairs;

j. Levy dues and impose rates and charges for the use of the premises, works, appliances, facilities, or for services provided by or belonging to the Authority, or any other organization concerned with port operations;

k. Make expenditures in foreign countries to pay commissions and hire or contract experts and consultants, both foreign and local;

l. Make expenditures for promotion of the business affairs of the Authority, and

m. Exercise all the powers of a corporation under the Corporation Law insofar as they are not inconsistent with the provisions of this Act.