Government Shares.
Section 15
SEC. 15. Government Shares.—The voting power of all stocks of the Amanah Bank owned and controlled by the Republic of the Philippines shall be vested in the President of the Philippines, or in such person or persons as he may from time to time duly designate. The stockholdings of the Government in common or preferred shares with the Amanah Bank, or any part thereof, may be sold at par value at any time to citizens of the Philippines who are registered stockholders of the Amanah Bank in proportion to their respective holdings. They shall have a period of one year from the date of the offer to sell by the Government within which to exercise this right. In the absence of such buyers, preference shall be given to Philippine citizens who are residents of the provinces served by the Bank before the shares of stock may be publicly offered by listing in the stocks at any stock exchange. All profits assigned as dividends to the shares of the Government shall first be applied in payment to the unpaid subscriptions of the Government. Upon full payment of such subscriptions, the dividends shall thereafter be paid into the Treasury of the Philippines for the general funds thereof.