Board of Directors.
Section 8
SEC. 8. Board of Directors.—The powers and authority of the Corporation shall be vested in, and exercised by, a Board of Directors, hereinafter referred to as the "Board", consisting of the Governor, Central Bank of the Philippines, as ex-officio Chairman, a Vice-Chairman and five other members. The Chairman of the Development Bank of the Philippines, the President of the Philippine National Bank, and two members from the Monetary Board to be designated by the Monetary Board, shall be ex-officio members of the Board. Two other members from the government or private sector shall be appointed by the President of the Philippines. The appointive members of the Board shall serve for a period of one year from the date of appointment and until their respective successors shall have been duly appointed and have qualified. The members of the Board shall elect from among themselves the Vice-Chairman. In case of death, resignation, removal, or disqualification of the Vice-Chairman or any member of the Board, the successor or successors to hold office only for the un-expired portion of the term.