Section 7
SEC. 7. Section 6 of the same Act is amended to read as follows: "SECTION 6. Capitalization and Financing. The Authority shall have an authorized capital of One Hundred Million Pesos (P100,000,000) of which the amount of Fifty-One Million Pesos (P51,000,000) shall be subscribed by the national government and Forty-Nine Million Pesos (P49,000,000) shall be subscribed by cities, provinces, municipalities, government corporations and private investors: Provided, That at least twenty-five percent of the national government's subcription shall be fully paid: Provided, further, That the authorized capital stock may be increased upon the recommendation of NEDA. "The authorized capital stock of One Hundred Million Pesos (P100,000,000) shall be divided into One Million (1,000,000) shares of stock with a par value of One Hundred Pesos (P100) per share. "The shares of stock of the Authority shall be divided into (1) 700,000 common shares (voting) and (2) 300,000 preferred shares (non-voting) with such fixed rates of return as shall be determined by the Board. Of the common shares of 700,000 a minimum of 400,000 shares shall be subscribed by the national government and at least sixty per cent of the balance shall be subscribed by the Provinces of Laguna and Rizal in such proportion as may be agreed upon by both provincial governments in accordance with their respective financial capacities. The remaining balance of the common shares shall be open for subscription to cities, provinces, municipalities and private inventors. "Of the preferred shares of stock of 300,000 a minimum of 110,000 shares shall be subscribed by the national government. The balance of the preferred shares shall be available for subscription to cities, provinces, municipalities, government corporations, and private investors: Provided, however, That preferred shares shall enjoy preference with respect to distribution of dividends and assets in case of dissolution.