Section 1
SECTION 1. Section 4 of Presidential Decree No. 232, as amended by Presidential Decree No. 271, is hereby amended and changed to read as follows: "SEC. 4. Governing Board. — The corporate powers and duties of the Authority shall be vested in, and exercised by a Board, to be composed of seven members, to wit: The Chairman, who shall act as the Chairman of the Board, and the President, both of the Philippine National Bank, who shall be ex-officio members, and the remaining five members, to be appointed by the President, from the recommendations of the following: Three members recommended by the Philippine Coconut Producers Federation; One member recommended by the United Coconut Associations of the Philippines; and One member recommended by the owner and operator of the hybrid coconut seednut farm authorized to be established under Section 3-B hereof. "A representative of foreign organizations, associations or entities, or a foreign expert, of recognized competence and experience in the development and production of hybrid coconut palm tree shall act as an adviser and participate in the deliberations of the Board: Provided, That said adviser shall not be entitled to vote on any matter taken by the Board. "The Board shall elect from among their members a Vice-Chairman who shall assume the functions of the Chairman, whenever the latter is absent or incapacitated. "The Board shall meet at least once a month and the members shall each receive, for each meeting actually attended, a per diem of two hundred pesos: Provided, That such per diems shall not exceed one thousand pesos during any month for each member. "The Board shall have the following additional powers and duties: To direct and manage the affairs of the Authority; To prepare and adopt an annual budget which, notwithstanding any law or regulation to the contrary, shall not be subject to approval by the Budget Commission; and To establish the internal organization of the Authority and fix the salaries and other compensation of its officers and employees;"