Section 4
SEC. 4. In case any corporation or corporations are organized under subsection (a) of section one of this Act, each of said corporations shall be constituted as follows: (a) It shall be subject to the provisions of the Corporation Law, in so far as these are not incompatible with the provisions of this Act, and shall have the general powers mentioned in said Law and any other power necessary to carry out the purposes for which it was organized. (b) The Secretary of Commerce and Communications shall subscribe to and pay, on behalf of the Government of the Philippine Islands, not less than fifty-one per centum of the capital. (c) The Board of Directors shall be composed of five members.