FURTHER AMENDING REPUBLIC ACT NUMBERED THIRTY-FIVE HUNDRED AND EIGHTEEN ENTITLED "AN ACT CREATING THE PHILIPPINE VETERANS BANK AND FOR OTHER PURPOSES."

• Number: Presidential Decree No. 919
• Sections: 3

Preamble

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 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."

Section 2

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