Section 2
SEC. 2. Section fourteen of the same Act is hereby further amended to read as follows: "SEC. 14. Directors and Officers.—At least two-thirds of the members of the board of directors of any stock savings and loan association which may be established after the approval of this Act shall be citizens of the Philippines: Provided, however, That no appointive or elective public official, whether full-time or part-time, shall at the same time serve as officer of. any stock savings and loan association, except in cases where such service is incident to financial assistance, provided by the government or a government-owned or controlled corporation to such association: Provided, further, That in the case of a merger or consolidation of stock savings and loan associations duly approved by the Monetary Board, the limitation on the maximum number of directors in a corporation as provided for in Section 14 of the Corporation Code of the Philippines, shall not be applied so that membership in the new board may include up to the total number of directors provided for in the respective articles of incorporation of the merging or consolidating savings and loan associations."