Section 2
SEC. 2. All indebtedness of the Development Bank of the Philippines represented by bonds issued by said Bank or by the Rehabilitation Finance Corporation held by government agencies or instrumentalities, including corporations owned or controlled by the Government, are hereby assumed by the national government and the President of the Philippines, upon recommendation of the Secretary of Finance, is hereby authorized to Issue bonds under the same terms and conditions, in the name and on behalf of the Republic of the Philippines to replace them: Provided, however, That the face value of such replaced bonds shall be credited to the subscription of the government to the capital stock of said Bank: Provided, further, That bonds held by private persons may also be replaced by government bonds if the holders thereof are willing to accept such replacement, in which case the face value of bonds so replaced shall likewise be credited to the subscription of the government to the capital stock of said Bank.