Section 2
SEC. 2. The Central Equalizing Board provided for by Act Numbered Fourteen hundred and fifty-five, as amended, is hereby directed, upon completion of its labors, to certify to the Philippine Commission the total assessed valuation of the taxable real property in the provinces and municipalities specified in section one of this Act. and the Philippine Commission shall thereupon appropriate an amount equal to fifty per centum of the maximum tax collectible on, under, and by reason of said assessment, as certified by the said Central Equalizing Board, less such credits as are hereinafter provided for. The said appropriation shall be distributed among the various provinces and municipalities on the basis of the assessed valuation of the taxable real property in each under the assessment provided for by Act Numbered Fourteen hundred and fifty-five as amended, assuming that each province and municipality has levied the maximum lawful rate of taxation.