Section 3
SEC. 3. The first and second paragraphs of section four of Commonwealth Act Numbered One hundred eighty-two are amended so as to read as follows: "SEC. 4. The management of the corporation shall be vested in a Board of Directors, consisting of the Secretary of Agriculture and Commerce and the Secretary of Finance, as ex-officio directors and five other persons, as appointive directors to be appointed by the President of the Philippines, with the consent of the Commission on Appointments of the National Assembly. The President of the Philippines shall designate and appoint the Chairman of the Board. "Of the three first appointive directors the President shall designate one to serve for one year, one to serve for two years, and one to serve for three years. Of the two additional appointive directors, the President shall designate one to serve for one year and the other for two years. Thereafter, the successors of all the appointive directors shall serve for three years. Whenever a vacancy shall occur among appointive directors, the person appointed to fill any such vacancy shall hold office for the unexpired term of the member whose place he is selected to fill. Any appointive director shall be subject to removal by the President of the Philippines. Five members of the Board of Directorial! constitute a quorum for the transaction of business."