Section 7
SEC. 7. The management of the bank shall be vested in a board of directors composed of not less than nine nor more than eleven members, who shall be elected and hold office during three years, one-third of its members being subsequently replaced or reflected annually in the manner and form provided in the by-laws of the bank. Each of the members of the board of directors shall be the owner of at least fifty shares of one hundred pesos each of the capital stock. The board of directors shall choose from its members a president and vice-president: Provided, That with the advice and consent of the Philippine Commission, the Governor-General shall appoint an official comptroller, at a salary to be fixed by him and paid by the bank, not exceeding ten thousand pesos a year, whose duties shall be to examine and audit the accounts of the bank and see that its transactions be within the law' and the by-laws of the corporation. The comptroller may attend the meetings of the board of directors and shall be entitled to veto any resolution of such board which he may consider contrary to law or the by-laws of the corporation: And provided further, That nothing in this Act shall be construed as exempting this bank from examination by the Insular Treasurer as provided by Act Numbered Fifty-two and its amendments.