Section 5
SEC. 5. Section fourteen of the same Act hereby amended to read as follows: "SEC. 14. Qualification for directors. — No person shall be eligible as director of an association unless he is a member, in case of nonstock associations, or an owner in his own right or stocks in the association with an aggregate par value of at least five thousand pesos, in case of stock associations: Provided, That 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 full-time appointive or elective public official shall at the same time serve as officer; director, legal counsel or consultant 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 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 28 of the Corporation Law (Act No. 1459), 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."