Republic Acts1 min read
Section 2Sec./Art. 2
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Section 75 of Republic Act No. 3844, as amended, is hereby further amended by adding a new subsection (15) to read as follows:
"(15) To offer and issue common and preferred shares of stocks to ARBs, small farmers and fisherfolk through their organizations, cooperatives, federations and cooperative banks; development partners and strategic investors such as multilateral and bilateral institutions; rural banks and their associations, in quantities to be determined by the Board of Directors and in accordance with applicable laws, rules and regulations: Provided, However, That the National Government shall maintain, at all times, at least two-thirds (2⁄3) ownership of the total outstanding common shares of the Bank.
"Preferred shares of stock shall be non-voting. Other features of preferred shares shall be determined by the Board of Directors in accordance with applicable laws and regulations."
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