Republic Acts1 min read
Section 7Sec./Art. 7
Personal notes Saved on this device
0 / 5,000 charactersReport page issue
Answer First
Primary Text
Subsections 8.1 and 8.3 of Section 8 of Presidential Decree No. 1467, as amended, are hereby further amended, to read as follows:
"8.1. The authorized capital stock of the Corporation is Two billion pesos (P2,000,000,000) divided into Fifteen million (15,000,000) common shares with a par value of One hundred pesos (P100) each share, which shall be fully subscribed by the Government and Five million (5,000,000) preferred shares with a par value of One hundred pesos (P100) per share which shall have the features as provided in Section 8.4 hereof and shall be issued in accordance with the provisions of Section 8.5 hereof.
"8.3. The additional common capital stock of One billion pesos (P1,000,000,000) shall be fully subscribed by the Government and the necessary funds shall be appropriated by Congress unless otherwise provided by existing laws: Provided, That Congress shall provide, on an annual basis, at least fifty percent (50%) of the needed capital, until the authorized capital stock is fully paid up."
Use With Care
Definitions and exceptions often appear before or after this text.
Court decisions may interpret, limit, or apply this provision.
Confirm amendment, repeal, effectivity, and official publication.