Corporate powers and duties.
Section 2
SECTION 2. Corporate powers and duties.— The said National Bank, upon its organization, shall be a body corporate and shall have the power: xxx xxx xxx "(h) To invest in stocks, bonds and other secured collaterals having maturities of not more than thirty years: PROVIDED, THAT THE BANK MAY ORGANIZE AND INCORPORATE AN INVESTMENT AND/OR DEVELOPMENT FINANCING SUBSIDIARY, WHOSE CAPITAL STOCK MAY BE SUBSCRIBED IN WHOLE OR IN PART BY THE BANK: PROVIDED, FURTHER, THAT THE CONTROLLING INTEREST OF NOT LESS THAN SIXTY-SIX AND TWO-THIRDS (66-2/3%) PERCENT OF THE AUTHORIZED CAPITAL STOCK OF SUCH SUBSIDIARY SHALL AT ALL TIMES REMAIN WITH THE BANK: AND PROVIDED, FINALLY, THAT THE ORGANIZATION AND INCORPORATION OF SUCH SUBSIDIARY SHALL BE APPROVED BY THE PRESIDENT OF THE REPUBLIC OF THE PHILIPPINES."