Section 10
SEC. 10. The present National Rice and Corn Corporation as merged with the PRISCO by Executive Order No. 350 is dissolved. Its properties, assets, rights, choses in action, obligations, liabilities, and contracts are transferred to, and are vested in, and assumed by, the public corporation herein created. The business and affairs of the aforecited corporation are liquidated as of the effective date of this Act, and are automatically assumed and continued by the Corporation herein created. The net book value of the properties and assets of the present National Rice and Corn Corporation as merged with the PRISCO by Executive Order No. 350 on the effective date of approval of this Act, shall be received by the Corporation herein created in payment for an equal value of shares of the capital stock of the Corporation herein created. All references made to the National Rice and Corn Corporation referred to above in any Act or in any Executive Order or Proclamation of the President of the Philippines which is still in force shall be deemed to be a reference to the National Rice and Corn Corporation created in this Act.