Republic Acts1 min read
Section 11Sec./Art. 11
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Power to Issue Bonds.- Whenever the Board deems it necessary for the Administration to incur an indebtedness or to issue bonds to carry out the provisions of this Act, it shall, by resolution, declare and state the purpose for which the proposed debt is to be incurred.
In order that such resolution be valid, it shall be passed by the affirmative vote of at least two-thirds (2/3) of all the members of the Board.
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