Section 11
SEC. 11. Section eighty-five of the same Act is hereby amended to read as follows: "SEC. 85. Use of Bonds. — The bonds issued by the Bank may be used by the holder thereof and shall be accepted for any of the following: "1. Payment for agricultural lands or other real properties purchased from the Government. "2. Payment for the purchase of shares of stock or assets of government-owned or controlled corporations. "Upon offer by the bondholders, the corporation owned or controlled by the Government shall, through its Board of Directors, negotiate with such bondholder with respect to the price and other terms and conditions of the sale. In case there are various bondholders making the offer, the one willing to purchase under terms and conditions most favorable to the corporation shall be preferred. If no price is acceptable to the corporation, the same shall be determined by the Committee of Appraisers composed of three members, one to be appointed by the corporation, another by the bondholder making the highest or only offer, and the third by the two members so chosen. The expense of appraisal shall be borne equally by the corporation and the successful purchaser. "Should the Government offer for sale to the public any or all the shares of stock or the assets of any of the government-owned or controlled corporations, the bidder who offers to pay in bonds of the Land Bank shall be preferred provided that the various bids be equal in every respect except in the medium of payment. "3. Surety, bail bonds for the provisional release of accused persons or performance bonds in all cases where the Government may require or accept real property as bonds. "4. Security for loans applied with the Philippine National Bank, Development Bank of the Philippines, Government Service Insurance System, Social Security System, and other government financial institutions, existing charters of these institutions to the contrary notwithstanding. "5. Payment for reparations goods, the provisions of Republic Act No. 1789, as amended, to the contrary notwithstanding.