Section 3
SEC. 3. Subsection (b) of section six of the same Act as amended by Republic Act Numbered Sixteen hundred and one is further amended to read as follows: "(b) The Board of Directors is authorized to appropriate out of the gross earnings of the NAMARCO corresponding to each fiscal year such amount as may be necessary to defray its operating expenses, which in no case shall exceed two million pesos, subject to the approval of the President of the Philippines: Provided, however, That the Board of Directors shall not appropriate out of its authorized capital any amount for operating expenses. In the event the NAMARCO shall increase the present number employees, priority and preferences should be given to former employees of the NAMARCO or PRISCO who have been laid off, if said former employees are civil service eligibles The unexpended balance of the appropriate for overhead expenses at the end of each fiscal year shall automatically revert to the said revolving fund and whatever net earnings of the NAMARCO, if any shall also accrue to the revolving fund.