Board of Directors—Composition, Appointment and Compensation.
Section 7
SEC. 7. Board of Directors—Composition, Appointment and Compensation.—The corporate powers of the Corporation shall be vested in and exercised by a.Board of Directors of seven members, consisting of the Secretary of Commerce and Industry, as ex-officio Chairman, and six members who shall be appointed by the President of the Philippines, with the consent of the Commission on Appointments. The said members shall serve as designated by the President of the Philippines in their appointments for terms of one to three years, respectively, from the date they qualify and assume office; but their successors shall be appointed for terms of three years, except that any person chosen to fill a vacancy shall serve only for the unexpired term of the member he succeeds. The Board shall hold regular weekly meetings and such number of special meetings as may be called by the Chairman or any three members from time to time. For attendance at meetings, each director shall receive a per diem of twenty-five pesos: Provided, That no member of the Board shall receive more than two hundred pesos as per diems a month.