Section 5
SEC. 5. To implement the provisions of this Act there is hereby created the Producers Incentives Board which shall be composed of the Secretary of Commerce and Industry, as Chairman, and the Director of Mines, the Director of Forestry, the Director of Agricultural Extension, and a representative from the Central Bank of the Philippines to be designated by the Governor, as members. The presence of three, members of the Board shall constitute a quorum for the exercise of its functions and the vote of the majority of the members present shall be a.i valid and binding act of the Board. In case the Chairman is absent in any meeting, the members present shall elect a temporary chairman to preside over the meeting. Any provision of law to the contrary notwithstanding, the Chairman and members of the Board shall receive a per diem of twenty-five pesos for every meeting actually attended. The Board shall hold regular meetings once a week and as many special meetings as the need may arise but in no case shall it hold more than eight meetings in one month.