Section 3
SEC. 3. Section five of Republic Act Numbered Eight hundred seventy-seven is hereby amended to read as follows: "SEC. 5. Term of office.—The members of the Board shall hold office for a term of three years or until their successors shall have been appointed and duly qualified: Provided, That the members of the first Board appointed under this Act shall hold office for the following terms: One member for one year, one member for two years, and one member for three years: Provided, further, That upon the approval of this amendatory act, new chairman and members of the board shall hold office for a term of three years and may be reappoint but only once a term of three years: Provided, furthermore, That the chairman and members of the present board shall continue to serve until the unexpired portion of their terms and may be reappointed but only once for a term of three years: Provided, furthermore, That the member serving the last year of his term shall automatically come chairman of the board and Provided, finally, That in case there are two or more members serving the last year of their terms in the board, the most senior of them shall automatically become the chairman. "Any vacancy occurring within the term of a member shall be filled for the unexpired portion of the term only. Each member of the Board shall qualify by taking the proper oath of office prior to entering upon the performance of his or her duties."