Section 45
SEC. 45. The Auditor-General shall be ex-officio auditor of the Agricultural and Industrial Bank and shall appoint and fix the salary of a representative who shall be the auditor in charge of the auditing office of the Agricultural and Industrial Bank. The Auditor-General shall, upon the recommendation of the Auditor of the Agricultural and Industrial Bank, appoint and fix the salaries of or remove the personnel of the Auditing Office. The operating expenses of the Auditing Office and the salaries and traveling expenses of the officers and employees thereof shall be payable by the Agricultural and Industrial Bank, and the Board of Directors shall make the necessary appropriation therefor. The representative of the Auditor-General shall make a quarterly report on the condition of the Bank to the President of the Philippines, through the Secretary of Finance, to the Speaker of the National Assembly, to the Auditor-General and to the Board of Directors of said Bank. The report shall contain, among other things, a statement of the resources and liabilities, including earnings and expenses, the amount of capital stock, dividends paid, surplus, reserve, and undivided profits, as well as the losses, bad debts, and suspended and overdue paper carried in the Bank's assets as of the date on which the statements are compiled. LEGAL COUNSEL