Payment of dividends corresponding to Government-owned shares.
Section 32
SECTION 32. Payment of dividends corresponding to Government-owned shares. - The dividends declared corresponding to the snares of the Government shall be set aside and are hereby appropriated to form a special securities sinking fund which shall be used for the sole purpose of retiring the Government; bonds and/or other securities issued by the Secretary of Finance pursuant to Section Four of this Revised Charter. This special fund shall be deposited with the Bank which shall be the trustee thereof until the purpose for which it was created shall have been accomplished. Any and all income that may accrue thereon shall form part of the fund. After the retirement and payment of the bonds, including the interest thereon, shall have been made from the special fund, the residue remaining shall be used to pay for additional Government subscription that may be authorized by the President of the Philippines on the unissued shares of the authorized capital stock of the Bank. Thereafter, all dividends corresponding the Government-owned shares shall be paid into the Treasury of the Philippines for the general funds thereof. TAX ON TRANSACTIONS WITH THE REPUBLIC AND ITS AGENCIES