Section 6
SEC. 6. The Central Bank of the Philippines is authorized to require rural banks to match government equity with private equity. The provisions of R.A. 720 to the contrary notwithstanding, the Central Bank of the Philippines may open for the establishment of a new rural bank the area served by an existing rural bank in any of the following events: Upon failure of a rural bank to submit a viable capitalization program to raise its private sector capital to the level of government equity; Upon failure of the rural bank, after submission and approval of a viable capitalization program, to comply with the terms and conditions of the program. The Central Bank may take such other action or actions necessary to cause the sale of the unissued shares of stock of the rural bank to the public or to other parties acceptable to it.