Section 1
SECTION 1. The existing Manila Hotel Company is hereby dissolved, liquidated, and abolished. For this purpose, the net asset value of the shares of the Manila Hotel Company shall be determined in accordance with generally accepted accounting and appraisal principles and procedures: Provided, That the land owned by the Manila Hotel Company shall be appraised at its fair market value. The net asset value so determined shall be the basis by which the minority stockholder shall be compensated for their shares. For this purpose, the Manila Hotel Company and or the Government Service Insurance System, as the case may be, may hire the services or private accounting and/or appraisal firms who shall make the appropriate certification as to the value of the assets, liabilities, and net worth of the Manila Hotel Company. Should the liquid assets of the Manila Hotel Company not be sufficient to compensate its minority stockholders, the Government Service Insurance System is hereby authorized to pay such minority stockholders from its own funds. The records, properties, equipment, assets, rights, and choses in action of the Manila Hotel Company are hereby-transferred to and vested in the Government Service Insurance System as a return of its investments in the Manila Hotel Company. The Government Service Insurance System shall not be liable for any capital gains tax or any other taxes as a consequence of the liquidation of the Manila Hotel Company. Any personnel of the Manila Hotel Company shall be entitled to a gratuity of one month's pay for every year of service but not exceeding one year's pay if not otherwise entitled to retire under existing laws. The payment of such gratuities may be paid either by the Manila Hotel Corporation or by the Government Service Insurance System, but the latter shall in such an event book the same as part of its investments on the land of the Manila Hotel Company transferred hereby.