Section 4
Sec. 4. The management of the Abaca Corporation of the Philippines shall be vested in a Board of Directors consisting of not more than five members appointed by the President of the Philippines, with the consent of the Commission on Appointments. The President of the Philippines shall appoint the Chairman of the Board from among its members. The members of the Board shall serve as designated by the President of the Philippines in their respective appointments for terms of one, two and three years, respectively, from the date they qualify and assume office, but their successors shall thereafter be appointed for a term of three years, except that any person chosen to fill a vacancy shall serve only for the unexpired term of the member whom he succeeds. Before entering upon the discharge of their duties, each of the directors shall take the oath prescribed in section twenty-three of the Revised Administrative Code and in the Constitution of the Philippines. The members of the Board shall each receive a per diem of not to exceed twenty-five pesos for each day of meeting actually attended by them except the Chairman of the Board who shall at the same time be general manager of the Corporation and shall receive a salary not to exceed twelve thousand pesos per annum: Provided, That no member shall earn more than one hundred pesos a month in per diems: Provided, further, That if the member is a public official, he shall not be entitled to any per diem. The Administrative powers and duties of the Board of Directors shall be: To prescribe, amend, modify, or repeal by-laws, rules and regulations not consistent with the provisions of this Act, governing the manner in which the general business of the Abaca Corporation of the Philippines shall be exercised; To fix the compensation of the officers and employees of the Abaca Corporation; To approve the annual and/or such supplemental budget of the Abaca Corporation which may be submitted it by the management from time to time; To carry on the business of the Abaca Corporation as provided herein and by law; To perform such other duties as may be assigned to it by the President of the Philippines, in accordance with law; In general to do everything directly or indirectly necessary or incidental to, or in furtherance of the purposes of the Corporation. The Chairman of the Board shall have the following powers and duties: To direct and manage the affairs and business of the Abaca Corporation of the Philippines on behalf of the Board of Directors and subject to its control and supervision; To submit within sixty days after the close of each fiscal year an annual report to the President of the Philippines and to each House of Congress, through the Board of Directors; To appoint and fix the number, with the approval of the Board of Directors, of such subordinate officials and personnel as may be necessary for the proper discharge of the duties and functions of the Abaca Corporation, and, with the approval of the Board, to remove, suspend, or otherwise discipline, for just cause, any subordinate employee of the Abaca Corporation; and To perform such other duties as may be assigned to him by the Board of Directors from time to time. Chapter IVAPPOINTMENTS AND PROMOTIONS