Section 5
SEC. 5. The governing powers and authority of the Corporation shall be vested in the Board of Supervisors, a body composed of fifteen members, eight of whom shall be appointed by the President of the Philippines and removable at his pleasure. The remaining members shall be elected by the members of the Corporation. The term of office of all members of the Board of Supervisors shall be one year. Vacancies in the Board of Supervisors caused by death or resignation shall be filled by election by the Board of Supervisors at its next meeting, except that vacancies among the Presidential appointees shall be filled by the President. The power to ordain, adopt and amend by-laws and regulations shall be vested in the Board of Supervisors. The Board may also provide rules to govern the organization and functioning of local units of the Corporation, which shall be known as provincial or city bureaus.