Section 2
SEC. 2. The Board shall have the following composition and functions: A. Composition — (1) Chairman — The Philippine Consul General In New York (2) Vice Chairman — The Vice President and Manager, Philippine National Bank, New York Branch, who shall also be Treasurer of the Board. Members: (3) A representative, not below the rank of Foreign Service Officer, Class II, from the Philippine Permanent Mission to the United Nations (4) The Philippine Commercial or Trade Promotion Representative in New York (5) The head of the Philippine Airlines in New York {6) The representative in New York of the Commission on Tourism (7) The representative in New York of the Auditor General (8) The Legal Counsel of the Philippine National Bank, New York Branch (9) The Philippine Center Business Manager who shall also be Secretary of the Board. B. Functions — (1) The Board shall be responsible to the President of the Philippines for the overall operation, maintenance and management of the Center in accordance with this Decree and sound business practices. (2) The Board shall meet at least once a year to prepare and submit to the President of the Philippines, not later than the 31st day of December of each year, its annual report on the operations, financial position and achievements of the Center. (3) The Board shall, in accordance with its procedures, decide and implement policies dealing with the operations of the Center, It may incur relevant expenditures not exceeding ten thousand dollars ($10,000.00), provided that any single expenditure exceeding one thousand dollars ($1,000.00) shall have the prior approval of the Board. All expenditures in excess of $10,000.00 shall have the prior approval of the President of the Philippines. "Approval of the Board" means a simple majority of the entire composition of the Board. (4) The Board shall recommend to the President of the Philippines, for his approval, the hiring of the services of a professional firm in New York specializing in building maintenance and janitorial services. (5) The Board shall approve lease contracts for the rentals stipulated in Section 5 All lease contracts shall be signed by the Chairman of the Board. All lease payments shall be payable to the "Philippine Center Management Board" and such payments shall be promptly deposited in the Philippine National Bank for credit to the tuna provided in section 3. (6) The Board shall adopt the most practical and effective arrangements for the security or personnel and the premises. (7) The Board shall have such other functions consistent with the objectives of this Decree.