Section 4
SEC. 4. Authorized Capital Stock, Appropriation:—The Corporation shall have a capital stock divided into three million voting and no par value shares to be subscribed, paid for and voted as follows: two million shares of stocks shall be subscribed and paid for by the government of the Republic of the Philippines. For this purpose, the amount of ten million (P10,000,000.00) Pesos is hereby set aside from the general funds, not otherwise appropriated, to be applied to the full payment of the two million shares subscribed by the government. to assure early and gradual institution of an integrated public transport system, the Corporation is hereby authorized to sell the remaining one million voting and no par shares to persons or entities operating public utility vehicles in Metropolitan Manila Area at issue values to be determined by the Board of Directors. The voting power pertaining to shares of stock subscribed by the Government of the Republic of the Philippines shall be vested in the President of the Philippines or in such persons as he may designate. Each share of stock shall represent one vote and any agreement, contract, arrangement, scheme or plan that shall transfer ownership and voting rights over the shares that the public corporate nature of the corporation shall be impaired or removed is hereby prohibited. SEC. 5. Board of Directors.—The Corporation shall be governed and its activities shall be directed, controlled and managed by a Board of Directors that shall be composed of five (5) ex-officio members, namely, the Secretary of Public Works, Transportation and Communications (or the successor Department with respect to Transportation) who shall act as Chairman, the Executive Secretary, the Secretary of National Defense, the Secretary of Industry and the Secretary of Finance, and two(2) other members to be appointed by the President of the Philippines. The two appointive directors shall each serve for a term of two (2) years.