Section 6
SEC. 6. The Metropolitan,Water District, in lieu of the establishment of a sinking fund for the redemption of the bonds sold to the Government of the Commonwealth of the Philippines under the provisions of this Act, shall obligate itself to pay into the Treasury of the Philippines annually a sufficient sum of money to meet the net requirements of the sinking fund set forth in section four of this Act, anything in the provisions of Act Numbered Twenty-eight hundred and thirty-two as amended, to the contrary notwithstanding; and the Treasurer of the Philippines, is authorized to apply payments so made, without further appropriation, to meet the requirements of the sinking fund established in section four hereof: Provided, That if the Metropolitan Water District shall fail, for any reason, to meet promptly the net requirements of the sinking fund set forth in section four hereof or to pay the interest on its bonds purchased by the Government of the Commonwealth of the Philippines in accordance with the provisions of section three hereof, the Secretary of Finance is authorized and directed to order the retention of any funds in the hands of any depository banks of the Metropolitan. Water District, thirty days after said default, that may come into their possession as belonging to the said Metropolitan Water District, the sum necessary as may be determined by the Auditor General to meet any delinquencies an the sinking fund and interest requirements in this proviso above mentioned and said officials shall deposit the sums so retained with the Treasurer of the Philippines.