Section 8
SEC. 8. Citizenship Requirement of the Board of Directors.&mdashIn the case of a corporation, at least two-thirds of all members of the Board of Directors of any financing company which may be established after the approval of this Act, shall be citizens of the Philippines. In the case of partnerships, all the managing partners must be citizens of the Philippines. In the case of corporations and partnerships existing before the approval of this Act compliance with this provisions shall be required within the period of one year from the date of said approval.