Composition of the Board.
Section 5
SEC. 5. Composition of the Board.—The Civil Aeronautics shall be composed of the Secretary of Commerce and Industry as Chairman, the Civil Aeronautics Administrator, the Commanding Officer of the Philippine Air Force and two other members to be appointed by the President of the Philippines. They shall hold office at the pleasure of the President and shall be entitled to per diem for each meeting actually attended by them in such amount as may be fixed by the President. In case of absence or incapacity of the Secretary of Commerce and Industry, the Civil Aeronautics Administrator shall act as Chairman. In case the Under-Secretary of Commerce and Industry and/or Deputy Administrator act in the stead of the Secretary of Commerce and Industry and/or Administrator respectively, they shall hold office and be entitled to per diem for each meeting actually attended by them in the Civil Aeronautics Board. No member of the Board shall have any pecuniary interest in, or own any stock or bond of, any civil aeronautics enterprise.