Section 5
SEC. 5. There is hereby created a board, which shall be known as the Rice and Corn Board, hereinafter called the Board, which shall administer the provisions of this Act and shall study and recommend measures for the improvement and development of the rice and corn industry. It shall be composed of the Secretary of Commerce and Industry, as chairman; the Secretary of Agriculture and Natural Resources, as vice-chairman; the Governor of the Central Bank, the President of the Philippine National Bank, the Chairman of the Development Bank of the Philippines, one representative of millers and warehousemen, two representatives of planters or producers, one representative of retailers and wholesalers, one representative of consumers cooperatives and one representative of labor, as members, with the representatives of the private sector to be appointed by the President of the Philippines with the consent of the Commission on Appointments. The Chairman, the Vice-Chairman and Members of the Board shall each receive a per diem of twenty-five pesos for every meeting of the Board attended by them. The Board shall have such personnel as may be necessary who shall be appointed by it and whose compensation shall be fixed by it.