Composition and appointment.
SEC. 5. Composition and appointment.—All corporate-powers of the PHILCOA shall be vested in, and exercised by a Board of Administrators consisting of five members to be appointed by the President with the consent of the Commission on Appointments, three of whom shall be coconut planters: Provided, That no person appointed to this board may serve as director of more than two government or semi-government corporations. The President shall designate from among the members of the Board its Chairman.
Tenure and compensation.
SEC. 6. Tenure and compensation.—The members of the Board shall serve as designated by the President of the Philippines in their respective appointments for a term of four years, but any person to fill a vacancy shall serve only for the unexpired term of the member whom he succeeds. The Chairman shall receive a salary of twelve thousand pesos per annum and each member a per diem of twenty-five pesos for every meeting actually attended: Provided, That no member shall earn more than one hundred pesos a month in per diems: Provided, further, That if the member is a public official, he shall not be entitled to any per diem.
Administrative powers and duties of the Board of Administrators.
SEC. 7. Administrative powers and duties of the Board of Administrators.—The Board of Administrators shall have the following powers and duties:
To prescribe, amend, modify, or repeal by-laws, rules and regulations, not inconsistent with the provisions of this Act, governing the manner in which the general business of the PHILCOA shall be exercised;
To fix the compensation of the officers and employees of the PHILCOA;
To approve the annual and/or such supplemental budgets of the PHILCOA which may be submitted to it by the management from time to time;
To carry on the business of the PHILCOA as provided by law; and
Perform such other duties as may be assigned to it by the President of the Philippines.
Suspension and removal of Administrators.
SEC. 8. Suspension and removal of Administrators.—Any member of the Board of Administrators may, for cause, be suspended or removed by the President of the Philippines.
Source: Official Gazette of the Republic of the Philippines — Philippine laws are public documents (works of the government).
