Section 9
SEC. 9. The Board of Directors shall, among other duties, powers, and authority: Formulate policies necessary to carry out effectively the provisions of this Act and adopt such by-laws, rules and regulations for the effective operation of the Bank, in conformity with this Act and existing laws; Establish branches or agencies in other countries and at such points within the Philippines as it may deem advisable, which shall perform functions as may be delegated to them by the Board of Directors: Provided, however, That there shall be established branch banks or agencies in every provincial capital. With the authorization of the proper department Secretary first had, the Board of Directors may appoint as agents of said Bank the provincial or municipal treasurers, who shall receive such additional compensation as the board may determine. PRESIDENT—POWERS AND DUTIES