Section 1
SECTION 1. For the sole purpose of facilitating bank mergers or consolidations duly approved by the Monetary Board of the Central Bank of the Philippines, any bank may merge or consolidate with another bank and the capital stock of a bank may be increased to the extent necessary to effect such merger or consolidation by the affirmative vote of the stockholders representing at least a majority of the subscribed capital stock in a stockholders' meeting called for that purpose, notwithstanding the provisions of Sections 281/2 and 17 of the Corporation Law (Act No. 1459, as amended).