Section 4
SEC. 4. The provincial governor of Bohol, on behalf of the Province of Bohol, shall subscribe for not less than fifty-one per cent of said capital stock, and the remainder may be offered to the municipalities of the Province of Bohol, to other public or semi-public entities established by law, or to the public, at a price not less than par which the board of directors shall from time to time determine. The shares of stock belonging to the Province of Bohol shall not be encumbered without express authorization of the Secretary of the Interior, and the sale, transfer, or disposal of said shares of stock, or any part thereof, except to the Insular Government, is hereby prohibited. The provincial board of Bohol shall be the representative of the Province of Bohol with regard to the shares of stock acquired by it and shall take part in all the proceedings of the corporation, the same as any other stockholder, stating its conformity or nonconformity by means of resolutions passed for said purpose, but when at any meeting of the corporation, the subject of the disposal, alienation, or encumbrance of any property belonging to the corporation shall be considered, no action of the provincial board of Bohol shall be valid unless it be in the shape of a resolution approved by the Secretary of the Interior.