Section 4
SEC. 4. The Philippines National Bank is hereby authorized and directed, subject to the supervision of the Bank Commissioner, to write off from its books so much of the said blocked deposit balances of the Commonwealth Government, cities, provinces and municipalities as shall be sufficient and necessary to meet deficiencies to other depositors and creditors and to restore the capital stock of the Bank of ten million pesos. Witeoffs against said accounts shall be made in the proportion that the total writeoffs bear to the aggregate deposit balances aforesaid.