Powers and Duties of the Board of Directors.
Section 6
SEC. 6. Powers and Duties of the Board of Directors.—The Board of Directors shall have the following powers and duties: To prescribe, amend and repeal, with the approval of the Administrator of Economic Coordination, by-laws, rules and regulations governing the manner in which the general business of corporation may be exercised, including provisions for the formation of such committee, or committees as the Board of Directors may deem necessary to facilitate its business. To appoint and fix the compensation of the General Manager, subject to the approval of the President of the Philippines, and to appoint and fix the compensation of the other officers of the Corporation, with the approval of the Administrator of Economic Coordination. The Board by a majority vote of all the members, may, for cause, and with the approval of the President of the Philippines, suspend and/or remove the General Manager. To approve, subject to the final action of the Administrator of Economic Coordination, the annual and/or such supplemental budgets of the Corporation which may be submitted to it by the General Manager from time to time.