Capitalization and Financing.
Section 6
SEC. 6. Capitalization and Financing.—The Authority shall have an authorized capital of one hundred million pesos (P100,000,000.00) of which the amount of twenty million pesos (P20,000,000.00) shall be subscribed by the stockholders. Of the subscribed capital, the amount of five million pesos (P 5,000,000.00) shall be fully paid up. The authorized capital stock of one hundred million pesos (P100,000,000.00), shall be divided into one (1) million shares of stock with a par value of one hundred pesos (P100.00) per share. The shares of stock of the Authority shall be divided into: (1) 700,000 common shares (voting) (2) 300,000 preferred shares (non-voting) Of the subscribed common shares of 200,000, at least 60% shall be subscribed by the provinces of Laguna and Rizal equally, of which subscription, 25% shall be fully paid. The remaining common shares shall be open for subscription to cities, municipalities, provinces and private investors. The preferred shares of stock of 300,000 shall be available for subscription to cities, municipalities, provinces, government corporations and to private investors: Provided, however, That private investors who will subscribe to the common shares shall subscribe and/or purchase one (1) preferred share for every common share held by them.