Section 5. Functions of the Art Authentication Panel. —

In addition to the powers granted to it under Republic Act No. 4846 as amended, the Art Authentication Panel, herein referred to as the "Panel", shall also have the following powers and functions:

1. To designate individuals, named by the Search Committee as Art Consultants, to become members of the Panel for particular authentication session/s;

2. To verify and certify as original any work of fine art submitted to it for authentication, and to issue the corresponding certificates of authentication;

3. Upon proper verification, to accept for registration all original works of fine art submitted by the author;

4. To impose and collect authentication and registration fees, and other appropriate fees as it may prescribe;

5. To initiate investigation and recommend prosecution of all persons who may have violated the provisions of this Act;

6. To promulgate rules and regulations in the exercise of its functions;

7. To impose fines and sanctions for violation of its rules and regulations; and

8. To perform such other acts as may be necessary to carry out the provisions of this Act.