Qualifications and per diems of the Board of Directors.
Section 6
SEC. 6. Qualifications and per diems of the Board of Directors.— Within the first five years from the organization of the Veterans Bank or until the transfer of the common shares of its capital stock to the veterans as provided in Section three of this Act, the affairs and business of the Veterans Bank shall be directed and its property managed, controlled and preserved, unless otherwise provided in this Act, by a Board of Directors consisting of eleven (11) members to be composed of three ex-officio members to wit: the Philippine Veterans Administrator, the President of the Veterans Federation of the Philippines, and the Secretary of National Defense, and the remaining members who shall be veterans of good standing with formal business training and/or experience in banking and finance, shall, upon the recommendation of the Supreme Council of the Veterans Federation of the Philippines, be appointed by the President of the Philippines with the consent of the Commission on Appointments. The Supreme Council of the Veterans Federation of the Philippines shall submit to the President of the Philippines a list of sixteen veterans from which list the President shall choose eight who shall hold office for one year and until their successors are duly appointed and qualified. After the transfer of the common shares of the capital stock of the Veterans Bank to the veterans as provided for in Section three of this Act, the Members of the Board of Directors shall be elected annually by the stockholders in the manner prescribed by the Corporation Law; Provided, That no director, officer, or employee of any other bank shall be eligible as member of the Board of Directors of the Veterans Bank: Provided, further, That no member of the Supreme Council of the Veterans Federation of the Philippines who participated in the election of a member of the Board of Directors other than the Federation President who is an ex officio member can be appointed to the Board unless he first resigns as a member of the Supreme Council. The members of the Board shall receive a per diem allowance of fifty pesos (P50.00) for every meeting of the Board actually attended by them. The Board of Directors, shall upon a majority vote of all its members, elect its Chairman, Vice-Chairman, and Secretary which Secretary may or may not be a member of the Board, at such a time and place as shall be provided for in its By-Laws. Pending the election of its Chairman, the President of the Veterans Bank shall preside over the Board of Directors. POWER AND AUTHORITY OF THE BOARD OP DIRECTORS