SEC. 4. Composition and Appointment.-All corporate powers of the PHILSUGIN shall be vested in, and exercised by, a board of directors consisting of five (5) members to be appointed by the President of the Philippines with the consent of the Commission on Appointments; Provided, however, That three of the members of the said Board shall be appointed upon the recommendation of the National Federation of Sugar Cane Planters and two, upon the recommendation of the Philippine Sugar Association. The Chairman of the Board shall be elected by the members from among themselves.
SEC. 5. Tenure and Compensation.-The members of the Board shall serve as designated by the President of the Philippines in their respective appointments for terms of one, two, and three years, respectively, from the date they qualify and assume office, but their successors shall be appointed for a term of three years, except that any person chosen to fill a vacancy shall serve only for the unexpired term of the member whom he succeeds. For actual attendance at meetings, each director shall receive a per diem of twenty-five pesos.
Powers and duties of the Board of Directors.
SEC. 6. Powers and duties of the Board of Directors.- The Board of Directors 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 corporation may be exercised, subject to the approval of the Administrator of Economic Coordination;
To appoint and fix the compensation of the General Manager, subject to the approval of the President of the Philippines, and to appoint and fix the compensation of the other officers of the corporation, with the approval of the Administrator of Economic Coordination. The Board by a majority vote of all the members, may, for just cause, and, with the approval of the President of the Philippines, suspend or remove the General Manager;
To approve the annual and/or such supplemental budgets of the corporation which may be submitted to it by the General Manager from time to time; and
To perform such other duties as may be assigned to it by the President of the Philippines or by the Administrator of Economic Coordination.
SEC. 7. Suspension and Removal of Directors.-Any member of the Board of Directors may, for cause, be suspended or removed by the President of the Philippines solely or upon the recommendation of the Administrator of Economic Coordination.
SEC. 8. Prohibition for Board Members.-No chairman or member of the Board of Directors of a corporation shall at the same time serve in the corporation in any capacity whatsoever other than as chairman or member thereof, unless otherwise authorized by the President.
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
