AMENDING SECTION FOURTEEN OF REPUBLIC ACT NUMBERED EIGHTY-FIVE, AS AMENDED BY REPUBLIC ACT NUMBERED THREE THOUSAND FIVE HUNDRED SEVENTEEN

• Number: Presidential Decree No. 423
• Sections: 3

Preamble

WHEREAS, in pursuance of the policy to promote efficiency

in the public service, there is a need to provide for a position of

Vice-Chairman in the Board of Governors of the Development Bank of the

Philippines to preside over the meetings of the Board in the absence or

temporary incapacity of the Chairman of the Board;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the

Philippines, by virtue of the powers in me vested by the Constitution,

do hereby order and decree:

Section 1

SECTION 1. Section fourteen of Republic Act Numbered

Eighty-five, as amended by Republic Act Numbered Three Thousand Five

Hundred Seventeen, is hereby amended to read as follows:

"SEC. 14. Board of Governors. — The affairs and

business of the Corporation shall be directed, its powers exercised, and

its property managed and preserved by a Board of Governors consisting

of the chairman and eight other members to be appointed by the President

of the Philippines. The Chairman and four members of the Board to be

designated by the President shall render full-time service to the

Corporation. The term of office of the Chairman and other members of the

Board shall be seven years, except that of the first members which

shall be one, two, three, four, five, six and seven years and which

shall be specified in their respective appointments. The compensation of

the Chairman and other members of the Board of Governors shall be fixed

by the President of the Philippines, who may remove any of them for

cause.

"The President may designate as Vice-Chairman one of the eight

members of the Board who shall preside over the meetings of the Board in

the absence or temporary incapacity of the Chairman.

"No person shall be appointed Chairman or member of the Board of

Governors unless he be of good moral character and unquestionable

integrity and be of recognized competence in economics, agriculture,

industry, finance and/or banking."

Section 2

SEC. 2. This Decree shall take effect immediately.

Done in the City of Manila, this 27th day of March, in the year of Our

Lord, nineteen hundred and seventy-four.

(Sgd.) FERDINAND E.

MARCOS

President

Republic of the Philippines

By the President:

(Sgd.) ALEJANDRO

MELCHOR

Executive Secretary