Section 4
SEC. 4. The management of the Foundation shall be vested in a board of trustees to be known as the "Board of Trustees of the Foundation." The Board of Trustees shall be composed of ten elective members, with a term of five years and the head of the highest student organization as ex-officio member: Provided, That the first ten elected members of the board shall hold office in a staggered manner, two expiring every year, beginning with the elected members having received the lowest number of votes and successively in the order of the ascending number of votes received. This Board shall elect all subsequent members of the Board for a full term, except to fill a vacancy for the unexpired term. The elective membership of the Board shall be composed of businessmen, financiers, and well-known educators. A representative of the government financial institution granting or guaranteeing the loan shall sit with the board as an ex-officio member until the loan is fully paid. Except for the officers, employees and the academic staff of the Foundation, the Board of Trustees shall serve without compensation other than reasonable per diems for actual attendance upon meetings of the Board and actual and necessary expenses incurred upon other official business authorized by resolution of the Board: Provided, That unwarranted and excessive salaries, allowances or expenses authorized by the Board shall be ground for forfeiture of the privilege provided in Section eight hereof.