Section 2
SEC. 2. The capital stock of the corporation shall be fifty million pesos, divided into five hundred thousand.shares of stock, having a par value of one hundred pesos each, and no stock of said corporation shall be issued at less than par or except for cash. Fifty-one per centum, at least, of said capital stock shall be subscribed by the Government of the Commonwealth of the Philippines, and the remainder thereof may be offered- to provincial, municipal, and city governments of the Philippines. Ten per centum of the value of all stock subscribed shall be paid at the time of subscription, and the balance thereof shall be subject to call upon the vote of three-fifths of the Board of Directors of the corporation, with the approval of the Secretary of Finance, at such time or times as may be deemed advisable. The voting power of all such stock owned by the Government of the Commonwealth of the Philippines shall be vested in the President of the Philippines or in such person or persons as he may designate, and the voting power of the stock owned by the provincial, municipal, or city governments shall be vested in the chief executive officer of such respective governments.