WHEREAS, the Philippine Veterans Bank was created to help
solve the economic plight of veterans, war widows and orphans and
provide an instrument vital to the promotion of the national development
program of the government;
WHEREAS, the Secretary of National Defense is an ex-officio
member of the Board of Directors of the Philippine Veterans Bank; and
WHEREAS, in order to give the Secretary of National defense
flexibility in the performance of his functions, especially in the
management of the national defense program of the government, it is
necessary that the Secretary of National Defense be authorized to
participate in the deliberations of the Board of Directors of the
Veterans Bank either by himself or through a representative with all the
rights and privileges of a voting member.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President the
Philippines, by virtue of the powers vested in me by the Constitution as
Commander-in-Chief of all the Armed Forces of the Philippines and
pursuant to proclamation No. 1081 dated September 21, 1972, and General
Order No. 1 dated September 22, 1972, as amended, do hereby order and
decree the further amendment of Republic Act No. 3518 as follows:
SECTION 1. Section 6, Subsection (a) of Republic Act
Numbered Thirty-Five Hundred and Eighteen is hereby further amended to
read:
"SEC. 6. Qualifications and per diems of the Board
"(a) The affairs and business of the Veterans Bank shall be
directed and its property managed, controlled and preserved, unless
otherwise provided in this Act, by a Board of Directors consisting of
eleven (11) members to be composed of three (3) ex-officio members to
wit: the Secretary of National Defense himself or his representative
duly designated by him, the Administrator of the Veterans Affairs Office
and the President of the Veterans Federation of the Philippines, and
the remaining members of which five shall come from Luzon, two from
Visayas, one from Mindanao who shall be veterans of good standing,
college graduates, with formal business training and/or experience in
banking and finance for a period of five years, and who are all actually
and physically residing in their region, shall be appointed by the
President of the Philippines during the existence of Proclamation No.
1081 dated September 21, 1972, as amended by Proclamation No. 1104 dated
January 17, 1973, who shall hold office for one year and until their
successors are duly appointed and qualified. After the lifting of
Martial Law, the eight (8) members of the Board of Directors shall be
elected annually by the stockholders of the respective region in the
manner prescribed by the By-Laws of the Bank. Provided, that no
director, officer, or employee of any other bank shall be eligible as
member of the Board of Directors of the Veterans Bank: Provided,
further, that the members of the Board of Directors shall receive a
per diem allowance of Fifty Pesos (P50.00) for every meeting of the
Board actually attended by them; and Provided, finally, that any
representative of the Secretary of National Defense duly designated by
him to sit in lieu of himself in the Board of Directors of the Veterans
Bank of the Philippines shall enjoy full rights and privileges of a
voting member."
SEC. 2. This Decree shall take effect immediately.
Done in the City of Manila, this 1st day of April, in the year of
Our Lord, nineteen hundred and seventy-six.
(Sgd.)
FERDINAND E. MARCOS
President
Republic of the Philippines
By the President:
(Sgd.)
JACOBO C. CLAVE
Presidential Executive Assistant
