Duties and powers of the President.
Section 9
SEC. 9. Duties and powers of the President.—The President of the Bank shall among others, execute and administer the policies, measures, orders, and resolutions approved by the Board of Directors, and direct and supervise the operation and administration of the Bank. Particularly, he shall have the power and duty: To make loans on commercial paper for such period of time not to exceed four months, in sums not exceeding ten thousand pesos (P10,000.00) to any person, company, corporations, or firm, but he is required to submit a report on such loans to the Board of Directors at its succeeding session: Provided, That the total amount of such loans shall not exceed five (5%-) per cent of the paid-up capital and surplus; To make, with the advice and consent of the Board of Directors, all contracts on behalf of the said Bank and to enter into all necessary obligations that this Act requires or permits; To report weekly to the Board of Directors the main facts concerning the operations of the Bank during the preceding week and to suggest changes in rates of discount or interest, exchange, or policy which to him may seem best; To exercise such other powers and perform such other duties as may be directed by the Board of Directors from time to time. LEGAL DEPARTMENT