Section 2
SEC. 2. Subject to such terms and conditions as it may prescribe, the Central Bank of the Philippines, the provisions of any existing law to the contrary notwithstanding, is authorized to convert the rediscounting obligations of rural banks into equity in the name of the Land Bank of the Philippines, and the Secretary of Finance shall correspondingly issue government bonds in favor of the Central Bank of the Philippines. In consideration of the equity acquired by it, the Land Bank shall issue its own shares of stock in favor of the Republic of the Philippines.