Issuance.
Section 9
SEC. 9. Issuance.—The President, for the purposes provided for in this Act and upon recommendation of the Secretary of Finance and concurred in by the Monetary Board, is hereby authorized to issue negotiable land certificates upon the request of the Administration: Provided That only sixty million a year will be issued during the first two years, and thirty million each year during the succeeding years. Negotiable land certificates shall be issued in denominations of one thousand pesos or multiples of one thousand pesos and shall be payable to bearer on demand and presentation at the Central Bank. These certificates if presented for payment after five years from the date of issue shall earn interest at the rate of four per centum per annum; if presented for payment after ten years from the date of issue shall earn interest at the rate of four and one-half per centum per annum; and if presented for payment after fifteen years from the date of issue shall earn interest at the rate of five per centum per annum.