Section 2
SEC. 2. Section fifteen of Republic Act No. 85, as amended, is hereby further amended to read as follows: “Sec. 15. Duties and Powers of the Board. The Board of Governors shall have the following powers: (a) To prescribe, amend and repeal, with the approval of the President of the Philippines, by-laws, rules and regulations governing the manner in which the general business of the Bank may be conducted and the powers granted by law to the Bank may be exercised, including a provision for the formation of such committee or committees as the Board of Governors may deem necessary to facilitate its business; (b) To fix the rates of interest on loans in accordance with the different classes of transactions and securities provided in this Act; (c) To establish such branches and agencies as may be deemed necessary and convenient; (d) To provide for the appointment and removal and to fix reasonable compensation of such personnel as may be necessary for the expeditious conduct of the business of the Bank. (e) To compromise or release, in whole or in part, any claim or settled liability to the Bank regardless of the amount involved, under such terms and conditions it may impose to protect the interests of the Bank. This authority to compromise shall extend to claims against the Bank.”