Republic Acts1 min read
Section 8Sec./Art. 8
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Subscription by National Government.- Upon the effectivity of this Act, the National Government shall be deemed to have subscribed to such number of shares of the Corporation equivalent in par value to, and considered paid for by the net assets of the Quedan Guarantee Fund Board, as determined and certified by the Commission on Audit within three (3) months from the effectivity hereof. Additional subscriptions, insofar as allowed by this Act, may be made by the National Government with the profits of the Corporation upon the majority vote of its governing Board in a meeting specially called for that purpose. The Secretary of Agriculture or his representative duly authorized in writing shall vote the shares owned by the national government.
The chief executive officers of the government institutions referred to in Section 23 shall vote for their respective shareholdings.
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