Section 34
SEC. 34. Sections 67, 68 and 69 of the same decree are hereby repealed, and five new sections are hereby substituted therefor to be known as Section 67, 68, 69 70 and 71, which shall be read as follows: "SECTION 67. Capital Stock.—The authorized capital of the Local Water Utilities Administration is Five Hundred Million Pesos divided into Five Million shares of stock with a par value of One Hundred Pesos per share which shall be subscribed by the National Government and opened to subscription by private investors or government financial institutions. "SECTION 68. Payment for National Government Shares.—All amounts previously released by the National Government to the Revolving Fund of the Administration shall be credited as payment for subscriptions to shares of stock at par value. Thereafter, the National Government shall for each year beginning with fiscal year 1975-76 subscribe and pay for the necessary capitalization as programmed during the year; Provided, That the amount programmed for each year shall not be less than Fifty Million Pesos. "SECTION 69. Operational Expenses.—The Board of Trustees is hereby authorized to appropriate out of any funds of the Administration, such amounts as it may deem necessary for the operational and other expenses of the Administration including the purchase of necessary equipment. "SECTION 70. Charges.—To the extent that the Administration performs services for the benefit and at the request of a local water district or utility or a number of water districts, utilities or organizations, it may levy fees or charges for such service rendered. "Charges may include an assessment against water districts or utilities to finance those functions of the Administration which are of general benefit to water districts or utilities including, but not limited to general administration and supervision. "SECTION 71. Receipt and Investment of Funds.—Whenever the Administration receives money whether as payment for subscriptions to shares of stock, principal repayments, interest income, payment for services rendered or for any purpose whatsoever, it shall issue its own receipts and provide for their safe keeping and investment under policy guidelines as may be established by the Board of Trustees in accordance with Department of Finance regulations."