Authorized capital stock—Par value.
Section 3
SEC. 3. Authorized capital stock—Par value.—The authorized capital stock of the Philippine National Bank shall be two hundred million pesos divided into two million par value shares of one hundred pesos each, which shall include its present capitalization: Provided, That the Bank may purchase the shares held privately at a price not exceeding their par value: Provided, further, That the increase in the authorized capital shall be fully subscribed by the Government. For the immediate payment of not less than one hundred million pesos of the said subscription, the Secretary of Finance with the approval of the President of the Philippines, shall issue bonds or other evidences of indebtedness to be negotiated either locally or abroad, the proceeds of which are hereby appropriated for the purpose.