REPUBLIC ACT NO. 2667
AN ACT TO AMEND SECTION TEN OF ACT NUMBERED FORTY-TWO HUNDRED SEVENTY-ONE AS AMENDED.
Section 1. Sec. ten of Act Numbered Forty-two hundred seventy-one, as amended, is further amended to read as follows:
"Sec. 10. The grantee shall not issue stock or bonds except in exchange for actual cash or for property at least equal in value to the par value of the stock or bonds so issued: Provided, however, That it may issue stock or bond dividends upon compliance with the requirements of the Corporation Law."
Sec. 2. This Act shall take effect upon its approval.
Approved: June 18, 1960