Section 11Sec./Art. 11

Duties and Powers of the President. The

President of the Veterans Bank shall execute and administer the policies, measures, orders, and resolutions approved by the Board of Directors, and direct and supervise the operation and administration of the Veterans Bank.

The President shall have the power and duty to:

(a) Approve loans, investments, and other instruments in accordance with Republic Act No. 8791 and the existing BSP rules and regulations: Provided, That the total amount of such loans, investments, and other instruments shall not exceed five percent (5%) of the paid-up capital and surplus: Provided, further, That any loan, investment, and other instrument in excess therewith shall be approved by the Board of Directors;

(b) Make, with the advice and consent of the Board of Directors, all contracts on behalf of the Veterans Bank and enter into all necessary obligations that this Act requires or permits;

(c) Report monthly to the Board of Directors the main facts concerning the operations of the Veterans Bank during the preceding month and to suggest changes in rates of discount of interest, exchange, or policy which to him may seem best; and

(d) Exercise such other powers and perform such other duties as may be directed by the Board of Directors from time to time.