Section 5
SEC. 5. The National Development Company, created under Act Numbered Twenty-eight hundred and forty-nine, is hereby dissolved. The properties, assets, rights, choses of action, obligations, liabilities, and contracts, of the said Company are hereby transferred to, and are vested in, and assumed by, the public corporation herein created, and the business and affairs of such former National Development Company are liquidated as of the date of the approval of this Act, and are automatically assumed and continued by the corporation herein created. The net book value of the properties and assets of the present National Development Company on the effective date of the approval of this Act, shall be received by the corporation herein created in payment for an equal value of shares of the capital stock of the corporation herein created. There shall be appropriated from time to time, and when the finances of the Government so warrant, out of any funds in the Philippine Treasury, not otherwise appropriated, such amount as may be necessary, for the purpose of making payment upon the subscriptions of the Government of the Commonwealth of the Philippines, not covered by its subscription and payment as above provided. All references made to the former National Development Company in any Act of the Philippine Legislature or of the National Assembly or in any Executive Order or Proclamation of the former Governor-General or the President of the Philippines, which is still in force, shall be deemed to be a reference to the National Development Company created in this Act.