Section 38
SEC. 38. Within the first twenty days after the approval of this Act, and annually on the first Tuesday after the first Monday of March, beginning with the year nineteen hundred and forty, the President of the Philippines shall appoint the members of the Board of Directors. Immediately after their appointment, the Directors shall organize as such and elect from among themselves a Chairman and a Vice-Chairman. The latter shall assist the Chairman and act in his stead in the case of his absence or incapacity. DUTIES AND POWERS OF THE BOARD OF DIRECTORS