Section 2
SEC. 2. Section eighty-six of the said Act is hereby amended to read as follows: "SEC. 86. The Board of Directors; Membership; Per Diem.—The affairs and business of the Bank shall be directed and its property managed and preserved by a Board of Directors consisting of seven (7) members to be composed of the Secretary of Finance as Chairman the President of the Bank as Vice-Chairman, the Secretary of Agrarian Reform and the Secretary of Labor as ex officio members, and three members to be elected as hereinafter provided. "Annually, on the first Tuesday after the first Monday in December, the stockholders shall meet to take up, among others, the election of three (3) members of the Board of Directors for the succeeding year, each shareholder or proxy to be entitled to as many votes as he may have shares of stock registered in his name on the 31st day of October last preceding and held by him at the time of the election. The said three (3) members of the Board of Directors shall be elected preferably from the holders of the preferred shares depending on the outstanding amount of said shares, as follows: (A) Not exceeding P50 million—One member; (B) Exceeding P50 million but not over P100 million—Two members; and (C) Exceeding P100 million—Three members. "The Board shall convene as frequently as necessary to discharge its responsibilities properly, but shall meet at least once every two weeks. The Board may be convoked either by the Chairman or, in his absence, the Vice-Chairman. "The presence of four (4) members shall constitute a quorum. "All decisions of the Board shall require the concurrence of at least four (4) members. "The Chairman and the members of the Board shall receive a per diem of two hundred fifty pesos for each session of the Board attended, but in no case to exceed two thousand pesos a month."