Section 7
SEC. 7. Functions and Duties of the Board of Directors. The general functions and duties of the Board of Directors shall be as follows: To prescribe and amend the by-laws of the PNL; To appoint and fix the salaries of such executive officers and other officials and employees as may be necessary for the management and internal administration of the PNL, except that the appointing power may be delegated by the Board to the Management of the PNL; To act as initial incorporators of any subsidiary formed by the PNL; To establish such number of Division and/or Departments in the PNL as may be necessary for the accomplishment of the corporate purpose; To constitute appropriate standing committees that it may deem necessary to effectively carry out its governing powers over the affairs and activities of the PNL; To submit to the President of the Philippines and to publish an annual report of the condition of the PNL on or before the 31st of March of each year; To perform such other functions and duties as may be necessary to accomplish the purpose of the PNL or to carry out its powers under this Decree and the by-laws prescribed thereunder.