Section 6
SEC. 6. Section eight of Republic Act Numbered Thirteen hundred, as amended, is further amended to read as follows: "SEC. 8. President and Vice-President - Appointment and removal — Salaries. — The Chief executive of the Bank shall be the President, who shall be elected by the Board of Directors from amongst themselves for a term of four years unless earlier removed for cause or by reason of incapacity. No person shall be elected President of the Bank unless he is at least forty years of age, of good moral character and reputation, with at least ten years previous experience in banking, and has a reputed proficiency, expertise and recognized competence in banking and economics, or finance, or management, or government administration, or law, or agriculture, or industry. He shall be assisted by an executive vice-president and such number of senior vice-presidents and vice-presidents as may be necessary for the efficient operation of the business of the Bank, who shall have the same qualifications as the President and who shall be chosen and may be removed for cause by the Board of Directors. The salaries of the President, Executive Vice-President, the Senior Vice-Presidents and Vice-Presidents shall be fixed by the Board of Directors in line with the policy declared by the President of the Philippines."