Section 2
SEC. 2. Section 5 of Republic Act Numbered Seven Hundred and Seventy-Six is hereby amended to read as follows: "SEC. 5. Composition of the Board.—The Civil Aeronautics Board shall be composed of the Minister of Tourism as Chairman, the Director of the Civil Aeronautics Administration as Vice Chairman, the Commanding General of the Philippine Air Force and two members to be appointed by the President of the Philippines. They shall hold office at the pleasure of the President. All members of the Board shall be entitled to a per diem of Five Hundred Pesos per member for each meeting actually attended by them, which shall in no case exceed Two Thousand Pesos a month. In case of absence or incapacity of the Minister of Tourism, the Director of the Civil Aeronautics Administration shall act as Chairman. No member of the Board shall have any pecuniary interest in, or own any stock or bond of, in any civil aeronautics enterprise."