Section 1
SECTION 1. Section nineteen hundred and eighty-nine of Postal Law; Act Numbered Twenty-seven hundred and eleven, known as the Administrative Code, as amended by Act Numbered Thirty-three hundred and twenty-eight, is hereby further amended to read as follows: "SEC. 1989. Postal Savings Bank Board.—The Postal savings Savings Bank Board, hereinafter referred to as the Board, shall consist of five members who shall be appointed by the Governor-General, with the consent of the Philippine Senate, and shall hold office for a term of three years. The members of the Board shall elect from among themselves a chairman and a vice-chairman. The Superintendent, Postal Savings Bank Division, shall be the Secretary of the Board. Each member of the Board shall receive a compensation of twenty pesos per diem for attendance at the sessions of the Board: Provided, That in no year shall this remuneration exceed five hundred pesos for each member of the Board. This compensation shall be paid out of the profits of the Postal Savings Bank."