Section 4
SEC. 4. The capital stock of the National Abaca and Other Fiber Corporation shall be twenty million pesos, divided into two 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 and to the general public. Twenty-five 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 at such time or times as the Board of Directors of the corporation may deem advisable: Provided, however, That as regards the sum or sums subscribed by the Government by virtue of this Act, the same shall be paid only upon certification to the President of the Philippines by the Auditor General and the Secretary of Finance that there are sufficient funds available in the National Treasury to warrant their disbursement, in excess of the appropriations made for the ordinary expenses of the National Government. The voting power of all stock owned by the Government of the Commonwealth 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.