Capitalization.
Section 10
SEC. 10. Capitalization. - The BEZA shall have an authorized capital stock of two billion (2,000,000.00) no-par shares at a minimum issue of Ten pesos (P10.00) each, the majority shares of which shall be subscribed and paid for by the NG and the LGUs embracing the BuZ. The capital of the BEZA shall consist of: (a) its assets and such other properties as may be contributed to the BEZA by the Government to form part of capita;; (b) all capitalized surplus; (c) any cash contribution by the Government; and (d) any budgetary outlay allocated and released in favor of the BEZA. Thereafter, any sum as may be necessary to augment its capital outlay shall be included in the General Appropriations Act to be treated as an equity of the NG. The Board of Directors of the BEZA may, with the authorization of the President, and subject to the concurrence and prescribed manner of disposition by the Secretary of Finance, sell shares representing not more than forty percent (40%) of the capital stock of the BEZA to the general public, under such policy as the Board and the Secretary of Finance may determine. The NG and LGUs shall in no case own less than sixty percent (60%) of the total issued and outstanding capital of the BEZA: Provided, That the sale of shares to the public shall, in no manner, alter the composition of the BEZA Board.