Republic Acts1 min read
Section 18Sec./Art. 18
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Capitalization.- The authorized capital stock of the Network shall be One Billion Pesos (P1,000,000,000.00) divided into one million (1,000,000.00) shares with the par value of One Thousand Pesos (P1,000.00) per share, which shall be subscribed in full by the Government.
The initial paid-up capital shall be One Hundred Million Pesos (P100,000,000.00) which shall be released from funds of the National Treasury upon the effectivity of this Act. The sums of One Hundred Million Pesos (P100,000,000.00) and Three Hundred Million Pesos (P300,000,000.00) are authorized to be appropriated as paid-up capital in the General Appropriations Act of the second and third years following the date of effectivity of this Act, respectively.
The unpaid balance of the authorized capital stock shall be appropriated as and when deemed necessary by Congress in the subsequent years.
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