Section 1
SECTION 1. A new section to be denominated as section nine-A is hereby inserted after section nine of Republic Act Numbered One thousand three hundred, otherwise known as the Revised Charter of the Philippine National Bank, to read as follows: "SEC. 9-A. The Board of Directors shall also have the power and authority: "(a) To create, establish and operate a 'Self-Insurance System' in order to offset possible damage or, loss of cash-in-transit that the Bank may suffer on account of cash and check remittances to its branches and agencies and vice-versa; "(b) To create and establish a 'Provident Fund' which shall consist of contributions made both by the Bank and its officers or employees to a common fund for the payment of benefits to such officer or employee or his heirs under such terms and conditions as its Board of Directors may fix; "(c) To create and establish a 'Supplementary Retirement Plan' for qualified officials and employees for the payment of a gratuity equivalent to one month salary for every year of service rendered by them but not exceeding two (2) years in the aggregate; "(d) In its discretion, to accept assignments of, or as payments, certificates of indebtedness of the Government or other such similar securities: Provided, however, That the authority herein granted shall not be used as regards backpay certificates."