Board of Trustees of the Veterans of World War II to be Reorganized as Board of Trustees of Veterans.
Section 24
SEC. 24. Board of Trustees of the Veterans of World War II to be Reorganized as Board of Trustees of Veterans. – When the shareholdings of the post-World War II veterans and AFP retirees have surpassed the shareholdings of the veterans of World War II and their compulsory heirs, then the BTVWW II shall be reorganized into the Board of Trustees of Veterans as defined in Section 6(a) of this Act. It shall consist of eleven (11) members who shall be elected from among all veterans by the stockholders of the Veterans Bank in its annual stockholders meeting. Immediately after their election, the members of the Board of Trustees shall elect from among themselves a Chairperson and a Vice-Chairperson. The members of the Board of Trustees shall serve without compensation other than actual and necessary expenses incurred either in attendance upon meetings of the Board upon other official business authorized by resolution thereof: Provided, That a vote of the majority of all members shall be necessary to authorize the disposal of the funds held by the Board. The Board of Trustees shall appoint a Secretary and such other necessary officials and employees. The compensation of theses officials and employees shall be reasonable and in accordance with applicable laws and sound corporate governance practices. All the powers, privileges, duties and responsibilities of the previous BTVWW II shall be transferred to the new Board of Trustees of Veterans.