Section 2
SEC. 2. Section 6, Subsection (a) of Republic Act Numbered Thirty-Five Hundred and Eighteen is hereby amended to read as follows: "SEC. 6. Qualifications and per diems of the Board of Directors. "(a) The affairs and business of the Veterans Bank shall be directed and its property managed, controlled and preserved, unless otherwise provided in this Act, by a Board of Directors consisting of eleven (11) members to be composed of three (3) ex officio members to wit: the Administrator of the Veterans Affairs Office, the President of the Veterans Federation of the Philippines, and the Secretary of National Defense, and the remaining members of which five shall come from Luzon, two from Visayas, one from Mindanao who shall be veterans of good standing, college graduates, with formal business training and/or experience in banking and finance for a period of live years, and who are all actually and physically residing in their region, shall be appointed by the President of the Philippines, during the existence of Proclamation No. 1081, dated September 21, 1972, as amended by Proclamation No. 1104, dated January 17, 1973, who shall hold office for one year and until their successors are duly appointed and qualified. After the lifting of Proclamation No. 1081, as amended by Proclamation No. 1104, the eight members of the Board of Directors shall be elected annually by the stockholders of the respective region in the manner prescribed by By-Laws of the Bank: Provided, That no director, officer, or employee of any other bank shall be eligible as member of the Board of Directors of the Veterans Bank: Provided, further, That the members of the Board of Directors shall receive a per diem allowance of Fifty Pesos (P50.00) for every meeting of the Board actually attended by them."