Capital.
Section 138
SEC. 138. Capital.— The Philippine Co-operative Wholesale Society shall have an authorized capital of ten million pesos (P10,000,000) divided into shares of one hundred pesos par value each. The shares shall be divided into two groups marked series "A" and series "B". Series "A" shall comprise of five million pesos (P5,000,000) to be subscribed for by the Government of the Philippines. On registration of the Philippine Co-operative Wholesale Society the Government shall pay towards subscription of the said amount one million pesos (P1,000,000) and the balance shall be paid in each year on a fund-matching basis with the owned capital of the Philippine Co-operative Wholesale Society. The owned capital shall include paid up share capital under clause (b) of this section, reserve fund and other funds set apart under this Act and excludes payments received from the Government under this clause. The shares held by the Government shall not be entitled to any interest or votes. Series "B" shall comprise of five million pesos (P5,000,000) to be subscribed for by the members of the co-operative wholesale society. Each provincial co-operative wholesale society shall have an initial authorized capital of one million pesos (Pl,000,000) divided into two groups marked series "A" and series "B". Series "A" shall comprise of five hundred thousand pesos (P500,000) to be subscribed for by the Government of the Philippines. On registration of each provincial co-operative wholesale society, the Government shall pay towards subscription of the said amount one hundred thousand pesos (P100,000) and the balance shall be paid in each year on a fund matching basis with the owned capital of the provincial co-operative wholesale society. The owned capital shall be as mentioned in clause (a) of subsection (1). The shares held by the Government shall not be entitled to any interest or votes. Series "B" shall comprise of five hundred thousand pesos (P500,000) to be subscribed for by class "A" and class "B" members. The proportion of shares to be purchased by members in relation to their membership, paid-in capital and the business done with the co-operative wholesale society, as the case may be, shall be specified in the by laws.