Powers and Duties of the President.
Section 14
SECTION 14. Powers and Duties of the President . - The President of the Bank shall, among other powers and duties, execute and administer the policies, measures, orders and resolutions approved by the Board of Directors, and direct, and supervise the operations and administration of the Bank. Particularly, he shall have the power and duty: To grant loans with maturities of not more than one year in sums not exceeding TWO HUNDRED FIFTY THOUSAND PESOS (P250,000.00) to any individual, partnership or corporation. He shall submit a report of such loans granted by him under this authority to the Board of Directors at its next succeeding session; To execute all contracts in behalf of the Bank and to enter into all necessary obligations required or permitted by this Decree upon proper authorization by the Board of Directors; To report weekly to the Board of Directors the main facts concerning the operations of the Bank during the preceding week and to recommend changes in rates of discounts or exchange as well as changes in policies which he may deem advisable; To submit an annual report to the President of the Philippines on the result of the operations of the Bank; To recommend the appointment, promotion, shifting or removal of all subordinate officers and employees of the Bank; To exercise the powers of general super vision and administration attached to the position of President, and all other powers that may be granted by the Board; To delegate any of his powers, duties or functions to any official of the Bank, with the approval of the Board of Directors. LEGAL COUNSEL