Section 4
SEC. 4. The management of the corporation shall be vested in a Board of Directors, consisting of the Secretary of Agriculture and Commerce, the Secretary of Finance, and three other persons, to be appointed by the President of the Philippines, with the consent of the Commission ozi Appointments of the National Assembly, The President of the Philippines shall designate and appoint the Chairman of the Board. Of the three directors first appointed as above prescribed, the President shall designate one to serve for one year, one to serve for two years, and one to serve for three years; and thereafter, each director so appointed shall serve for three years. Whenever a vacancy shall occur among the directors so appointed, the person appointed director to fill any such vacancy shall hold office for the unexpired term of the member whose place he is selected to fill. Any director, except the ex-oficio directors designated herein, shall be subject to removal by the President of the Philippines. Three members of the Board of Directors shall constitute a quorum for the transaction of business. Before entering upon the discharge of their duties, each of the directors so appointed, and each officer of the corporation, shall take the oath prescribed in section twenty-three of Act Numbered Twenty-seven hundred and eleven and in the Constitution of the Philippines. The members of said Board who are not in the employ of the Government of the Commonwealth of the Philippines shall each receive a per diem of not to exceed twenty-five pesos for each day of meeting of the Board actually attended by them. The Board shall render reports to the President of the Philippines and the National Assembly as provided in section five hundred and seventy-four to five hundred and seventy-seven, inclusive, of Act Numbered Twenty-seven hundred and eleven.