Section 7
SEC. 7. The Board of Directors shall— Formulate policies necessary to carry out effectively the provisions of this Act and adopt such By-Laws, rules and regulations for the effective operation of the Bank in conformity with this Act and other existing laws; Determine the organization of the Bank by creating the necessary departments or offices as are essential for the efficient operation of the Bank; Subject to prior approval of the Monetary Board, establish branches or agencies in other countries; and, That during the first five years of transition mentioned in Section three (a) of this Act, with the authorization of the proper Department Secretary first had, the Board of Directors may appoint as agents of the Bank the provincial or municipal treasurers, who shall receive such additional compensation as the Board may determine. THE EXECUTIVE OFFICERS