Bank Auditor—Reports.
Section 11
SEC. 11. Bank Auditor—Reports.—The Veterans Bank shall have its own auditing department, the chief of which shall be appointed by the Board of Directors from among recognized veterans of good standing who are certified public accountants and with actual experience in the work of a comptroller. The auditor may not be removed except for cause and neither may his salary be reduced during his term of office. All other employees of the auditing department shall be appointed by the auditor with the advice and consent of the Board of Directors. Unless otherwise prescribed by the Board of Directors, the auditor of the Veterans Bank shall have the rank and pay of a Vice-President and shall receive a salary of eighteen thousand pesos (P18,000.00) per annum. The auditor, with the approval of the Board of Directors, shall fix the salaries of the employees of the auditing department. The auditor shall make an annual report of the condition of the Bank to the Board of Directors, to the President of the Veterans Federation of the Philippines, and to the Administrator of the Philippine Veterans Administration. The report shall contain among other things a statement of the resources and liabilities, including earnings and expenses, the amount of capital stock, dividends paid, surplus reserved, and undivided profits, as well as the losses, bad debts and suspended and overdue papers carried in the Bank's assets as of the day in which the statements are compiled. APPOINTMENTS, REMOVAL AND SALARIES OF THE OTHER OFFICERS AND EMPLOYEES OF THE VETERANS BANK