Republic Acts1 min read
Section 12Sec./Art. 12
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Section 18 of Republic Act No. 7306 is hereby amended to read as follows:
"SEC. 18. Capitalization. The authorized capital stock of the Network shall be Six billion pesos (P6,000,000,000.00) divided into six million (6,000,000) shares with par value of One thousand pesos (P1,000.00) per share, which shall be subscribed in full by the government.
"Of the additional authorized capital of Five billion pesos (P5,000,000,000.00), Two billion pesos (P2,000,000,000.00) shall be taken from the proceeds of the privatization of Radio Philippines Network (RPN 9) and Intercontinental Broadcasting Corporation (IBC 13). The remaining Three billion pesos (P3,000,000,000.00) shall be appropriated under the General Appropriations Act."
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