Section 9
SEC. 9. Section fourteen of the same Act is hereby amended to read as follows: "SEC. 14. Exercise of authority. — In order to exercise the authority granted to it under this Act, the Monetary Board shall: "(a) Prepare and issue such rules and regulations as it considers necessary for the effective discharge of the responsibilities and exercise of the powers assigned to the Monetary Board and to the Central Bank under this Act; "(b) Direct the management, operations and administration of the Central Bank and prepare such rules and regulations as it may deem necessary or convenient for this purpose; "(c) On the recommendation of the Governor, appoint, fix the remunerations and other emoluments, and remove personnel of the Central Bank with the exception of the Governor: Provided, That the Monetary Board shall have exclusive and final authority to promote, transfer, assign, or reassign personnel of the Central Bank and these personnel actions are deemed made in the interest of the service and not disciplinary, any provisions of existing law to the contrary notwithstanding; and "(d) Authorize such expenditures by the Central Bank as are in the interest of the effective administration and operations of the Bank."