Section 10
SEC. 10. Section thirteen of the same Act is hereby amended to read as follows; "SEC. 13. At least two-thirds of the members of the board of directors of any bank or banking institution which may be established after the approval of this Act shall be citizens of the Philippines: Provided, That no full-time appointive or elective public official shall at the same time serve as officer, director, legal counsel, or consultant of any private bank, except in cases where such service is incident to financial assistance provided by the Government or by a government-owned or controlled corporation to the bank: Provided, further, That in the case of a bank merger or consolidation duly approved by the Monetary Board, the limitation on the number of directors in a corporation, as provided for in Section twenty-eight of the Corporation Law (Act No. 1459), shall not be applied so that membership in the new board may include up to the total number of directors provided for in the respective articles of incorporation of the merging or consolidating banks."