Section 4
SECTION 4. Section Seven of Republic Act Numbered Thirteen Hundred, as amended, is further amended to read as follows: "Sec. 7. Election of Board of Directors—Election of Chairman and Vice-Chairman of the Board of Directors.—Annually on the first Tuesday after the first Monday in March, the stockholders shall meet to elect the members of the Board of Directors FOR THE CURRENT YEAR, each stockholder or proxy to be entitled to as many votes as he may have shares of stocks, registered in his name on the thirty-first of January last preceding and held by him at the time of the election. Immediately after the election, the directorate shall be organized as such and elect from among themselves a chairman, the President of the Bank shall be ex-officio vice-chairman, who shall assist the chairman and act in his stead in case of absence or incapacity. In case of incapacity or absence of both the chairman and vice-chairman, the Board of Directors shall designate a temporary chairman from among its members: Provided, That no director, shareholder or employee of any other bank shall be eligible as member of the Board of Directors of the National Bank: Provided, further, That no person shall be elected director of the Bank unless he is a natural born citizen of the Philippines, not less than thirty-five years of age, of good moral character and has attained proficiency, expertise and recognized competence in one or more of the following: banking, finance, economics, law, agriculture, business management, public utility or government administration."