Republic Acts1 min read
Section 7Sec./Art. 7
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Increase in Capitalization.- The Board, upon the recommendation of the Advisory Body, shall request Congress for legislation to increase the capitalization of the MIC up to such an amount, as may be necessary to attain the objectives of this Act.
The increase in the authorized capital stock may be subscribed and paid for by the Founding GFIs and/or the National Government from the unappropriated retained earnings of the MIC: Provided, That payment for subscription by the National Government of the increase in authorized capital stock, other than those subscribed and paid from its share in the unappropriated retained earnings, shall be appropriated by Congress.
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