Section 15
SEC. 15. Appointment and Tenure.&mdashThe members of the Board of Directors first appointed shalll serve for the period designated by the president of the Philippines in their respective appointments and the terms of office shall expire as follows: One at the end of the second year; two at the end of the fourth year; and two including the Chairman-General Manager, at the end of the sixth year after the approval of their appointments. The succeeding members of the Board shall be appointed in the same manner as the original members and shall serve for a term of six years from the date of the expiration of the term for which their predecessors were appointed: Provided,That a member appointed to fill a vacancy in the Board, occuring prior the expiration of the term for which his predecessor was appointed shall serve only for the unexpired term.