Capitalization.
Section 3
SECTION 3. Capitalization. — The Corporation shall have an authorized capital stock of One Billion One Hundred Twenty Million Pesos (P1,120,000,000.00) divided into One Million One Hundred Twenty Thousand (1,120,000) shares of capital stock with a par value of One Thousand Pesos (P1,000.00) each. The entire amount of such capital stock shall be open to subscription by the Republic of the Philippines but the Board of Directors, with the approval of the President of the Philippines may offer up to forty per centum (40%) of such authorized capital stock for subscription and payment by others, including domestic or foreign private or governmental institutions, corporations, associations or other entities; Provided, That the holding of the Republic of the Philippines in voting shares of stock shall in no event be less than sixty per centum (60%) of the voting shares of stock at any time outstanding; and, Provided, further, that the holdings of non-Philippine nationals in such voting shares shall in no event go beyond thirty per centum (30%) of the voting shares at any time outstanding. Payment for the shares subscribed by the Republic of the Philippines shall be made from the General Fund as and when the same are needed for the operations of the Corporation, as determined by the Board of Directors of the Corporation with the approval of the President of the Philippines. Within the limits of the authorized capital stock hereinabove stated, the shares of stock of the Corporation may be divided into such classes with such rights, voting powers, preferences and restrictions as may be determined by the Board of Directors. Until such time as the Board of Directors exercises the foregoing power, all the shares of capital stock of the Corporation shall be common shares with the same rights and privileges. The voting power of all the shares of stock owned and controlled by the Republic of the Philippines shall be vested in the President of the Republic of the Philippines or in such person or persons as he may from time to time designate.