Section 1
SECTION 1. Section two of Act Numbered Twenty-five hundred and seventy-three is hereby amended to read as follows: "SEC. 2. The management of the association shall be vested in a board, to be known as the Insurance Board, consisting of the Director of Agriculture, as chairman, and two citizens of the Philippine Islands, one of them acquainted with and interested in agriculture and the other in cattle breeding, as members. The Insular Treasurer shall be treasurer and the chief of the insurance division of the Bureau of Agriculture secretary of the association. Said members shall be appointed by the Governor-General, by and with the consent of the Senate, and shall receive six pesos for each day of attendance at the meetings of the board and be entitled to reimbursement of their actual and necessary traveling expenses when engaged in the performance of their duties for the purposes of this Act. "The Insurance Board, with the approval of the Secretary of Agriculture and Natural Resources, shall promulgate the regulations or by-laws governing the association and adopt any other measures for the attainment of the purposes of this Act. It may appoint agents for the examination, valuation, appraisal, identification, registration, branding, and certification of the death of any work animal insured, and assign a reasonable compensation to such agents; it shall determine the amount of the insurance premiums, which shall in no case be less than four nor more than six per centum of the value of the animal insured ; and shall establish schedules of insurance premiums, taking into account the various regions of the Archipelago, according to the use made of the work animals."