SECTION 1. Section six of Act Numbered One thousand eight hundred and seventy, as amended, otherwise known as the Charter of the University of the Philippines is hereby amended by adding to and inserting therein subsection (k) as follows:
"(k) Subject to the approval of the President of the Philippines in the case of the President of the University to extend, with their consent, the tenure of faculty members of the university beyond the age of sixty-five, any other provision of law to the contrary notwithstanding, on recommendation of the President of the University; whenever in his opinion their services are specially needed: Provided, however, That no extension of service shall be made beyond the age of seventy."