Section 33
SEC. 33. After deducting expenses and after making such provisions as the Board thinks proper for bad and doubtful debts, depreciation in assets, retiring allowance for the staff, and all such other deduction as are usually provided for by banks, the net profits resulting from the operation of the Reverse Bank shall be apportioned semi-annually as follows: (a) Fifty per centum to a surplus fund until the latter shall equal fifty per centum of the capital stock of the Reserve Bank, and thereafter twenty-five per centum of said net profits until said surplus fund shall equal the capital stock. (b) The remaining net profits may be paid in the form fo dividends to the Government of the Philippines as the Board may determine; but dividends shall never be declared or paid out of the surplus fund.