Section 4
SECTION 4. The Board of Trustees; Composition; Term and Compensation. THE FOUNDATION shall be governed, and its activities and properties shall be directed, controlled and managed, by a Board of Trustees, hereinafter referred to as the Board, which shall be composed of a Chairman and ten (10) members, all of whom shall be appointed by the President of the Philippines. The President of the FOUNDATION, who shall be appointed from among the members of the Board in accordance with Section 7 hereof, shall be the ex-officio Vice-Chairman of the Board. Except the President of the FOUNDATION, the members of the Board shall serve for a term of three (3) years, with a right to hold-over until their respective successors shall have been duly appointed and qualified. The President of the Philippines may, however, remove any member of the Board for cause. Whenever a vacancy shall occur in the Board, the person appointed to fill the vacancy shall hold office for the unexpired term of the member replaced. Except the President of the FOUNDATION, each member of the Board shall receive a per diem of at least FIVE HUNDRED PESOS (P500.00) per meeting actually attended: Provided, That no member shall receive a per diem of more than TWO THOUSAND FIVE HUNDRED PESOS (P2,500.00) per month.