Sections seven and eight of the same Act hereby amended to read as follows: "SEC. 7. Capitalization.
Section 3
SEC. 3. Sections seven and eight of the same Act hereby amended to read as follows: "SEC. 7. Capitalization.—The capital stock of the Abaca Corporation of the Philippines shall be forty million pesos divided into four hundred thousand shares of stock, having a par value of one hundred pesos each, and no stock of said corporation shall be issued at less than par or except for cash. "The entire authorized capital of forty million pesos shall be subscribed for and paid by the Republic of the Philippines upon the organization of said Corporation in the manner provided in the following section." "SEC. 8. Payment of Subscription to the Capital.—The amount of forty million pesos required to pay for the entire authorized capitalization of the Abaca Corporation of the Philippines herein recited shall be raised by means of the sale or disposition of bonds under Republic Act Numbered One thousand, and for that purpose it is hereby declared that the organization of the Abaca Corporation of the Philippines is one of the economic projects contemplated under said Act to be financed by the sale or disposition of bonds therein specifically authorized to be sold; or, by borrowings which the Government of the Republic of the Philippines may be able to secure thru the Central Bank; or out of funds in the National Treasury not otherwise appropriated of which the amount forty million pesos is hereby appropriated: Provided, however, That Four million pesos be devoted to the development of maguey and other fibers. "There shall be added to the capital of the Abaca Corporation of the Philippines all the funds, assets and properties still available belonging to the defunct National Abaca Fibers Corporation. In the event that the an urgent or immediate need for funds to carryout the trading and industrialization program of the abacorp and the funds herein appropriated are insufficient for such purpose, the abacorp may borrow the needed amount to be guaranteed by the Central Bank of the Philippines from of the Government financial institution, such as the Philippine National Bank, Development Bank of the Philippines and the Government Service Insurance System."