Duties and powers of the Board.
Section 5
SEC. 5. Duties and powers of the Board.—The Board of Governors shall have the following powers: (a) To prescribe, amend and repeal, with the approval of the President of the Philippines, by-laws, rules and regulations governing the manner in which the general business of the Corporation may be conducted and the powers granted by law to the Corporation may be exercised, including a provision for the formation of such committee or committees as the Board of Governors may deem necessary to facilitate its business; (b) To fix the rates of interest on loans in accordance with the different classes of transactions and securities provided in this Act; (c) To establish such branches and agencies as may be deemed necessary and convenient;(d) To provide for the appointment and removal and to fix reasonable compensation of such personnel as may be necessary for the expeditious conduct of the business of the Corporation.