Section 2
SEC. 2. Section three of Republic Act Numbered Thirteen hundred, as amended, is further amended to read as follows: "CAPITAL" "SEC. 3. Authorized Capital Stock — Par Value — Government Subscription and payment. — The authorized capital stock of the Philippine National Bank shall be one billion pesos divided into ten million per value shares of one hundred pesos each, which shall include its present capitalization: Provided, That the Bank may purchase the shares held privately: Provided, further, That five hundred million pesos of the authorized capital shall be fully subscribed by the Government and said subscription shall be paid in the following manner: Two hundred twenty-five million of surplus and reserves of the Bank as of December thirty-one nineteen hundred and seventy-one shall be applied by the Bank in payment of the outstanding unpaid subscribed shareholdings of the Government which together with the present paid-up capital of one hundred fifty million pesos, including private stockholdings, shall be considered as part of the paid-in capital of the Bank and the balance from funds from the Treasury not otherwise appropriated: Provided, furthermore, That three hundred million pesos of the authorized capital shall be offered for sale to the public, subject to the proportionate preemptive rights of existing private stockholders, and the Bank may within one year from approval hereof take necessary steps to have these shares listed in any duly registered stock exchange: Provided, furthermore, That private holders of Land Bank bonds may exchange such bonds for shares of the Bank offered for sale to the public: Provided finally, That upon the lapse of five years from the listing of these shares in any duly registered stock exchange, the shares remaining unsold shall be automatically subscribed and paid for by the Government and the Secretary of Finance, with the approval of the President of the Philippines shall issue Government bonds in exchange for such shares of stock subscribed by the Government."