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 the Corporation may be exercised, including provisions for the formation of such committee or committees as the Board of Directors may deem necessary to facilitate its business; To appoint and fix the compensation of the General Manager and Assistant General Manager, subject to the approval of the President of the Philippines, and to appoint and fix the compensation of a secretary of the Board and such other corporate officials as may be needed. The Board, by a majority vote of all the members, may, for cause, and with the approval of the President of the Philippines, suspend and/or remove the General Manager and/or the Assistant General Manager; and To approve the annual budget and/or such supplementary budgets of the Corporation which may be submitted to it by the General Manager from time to time.