Election of Board of Directors.
Section 7
SEC. 7. Election of Board of Directors. — Annually on the first Monday in March, the stockholders shall meet to elect the members of the Board of Directors for the current year, each stockholder or proxy to be entitled to as many votes as he may have shares of stock, registered in his name on the fifteenth of February last preceding and held by him at the time of the election. Immediately after the election, the directorate shall organize as such and elect from amongst themselves a chairman, a vice-chairman who shall assist the chairman and act in his stead in case of absence or incapacity of the chairman. In case of incapacity or absence of both, the chairman and/or vice-chairman of the Board of Directors shall designate a temporary chairman from among its members, Provided, That no director, shareholder or employee of any other bank shall be eligible as members of the Board of Directors: Provided, further, That no full-time appointive or elective public official shall at the same time serve as officer, director, legal counsel or consultant of the Bank except in cases where such service is in the exercise of the stockholders right of the Government or is incident to financial assistance provided by the Government, its agencies or instrumentalities to the Bank.