Powers and duties of the Board of Directors.
Section 8
SEC. 8. Powers and duties of the Board of Directors.— The Board of Directors shall have the following powers and duties: To prescribe, amend and repeal by-laws, rules and regulations governing the manner in which the general business of NARRA may be exercised, including provisions regarding subdivision of lands into small farm lots, distribution thereof, initial aid to settlers and manner of payment of such lots, and provisions for the formation of such committee or committees as the General Manager may deem necessary to facilitate the business of the and to expedite the disposition of, and the issuance of titles, over said farm lots as contemplated in section five; To appoint and fix the term of office of the General Manager, and Assistant General Manager, whose compensation shall be twelve thousand pesos per annum for the General Manager, and nine thousand pesos per annum the Assistant General Manager, subject to the recommendation of the Office of Economic Coordination and the approval of the President of the Philippines, and to appoint and fix the compensation of a Secretary of the Board and such other officers Corporation as may be needed. The board by a majority vote of all the members, may for cause, upon recommendation of the Office of Economic Coordination and with the approval of the President the Philippines, suspend and/or remove the General Manager and/or the Assistant General Manager; and To approve the annual budget and such supplemental budgets of NARRA which may be submitted to it by the General Manager from time to time.