Section 8Sec./Art. 8

Qualification and Per Diems of the Board of Directors.

(a) The affairs and business of the Veterans Bank shall be directed and its property managed, controlled and preserved, unless otherwise provided in this Act, by a Board of Directors consisting of fifteen (15) members, five (5) of whom shall be independent directors, who shall be elected as provided in Section 22 of Republic Act No. 11232. The Board of Directors shall be elected in proportion to the shareholdings of veterans and non-veterans. They shall have formal business training and/or expertise in banking and finance and posses the qualifications and none of the disqualifications of directors as prescribed under the BSP rules and regulations, and shall be elected annually by the stockholders in the manner prescribed by Republic Act No.

11232: Provided, That unless otherwise allowed under BSP rules and regulations, no director, officer, or employee of any other bank shall be eligible as a member of the Board of Directors of the Veterans Bank, except for independent directors. The members of the Board of Directors shall receive a per diem or allowance for every meeting of the board actually attended by them, the amount of which shall be within the acceptable banking industry rates and shall be set in accordance with the pertinent provisions of Republic Act No. 11232.

(b) The Board of Directors shall, upon a majority vote of all its members, elect its chairperson, vice-chairperson, and secretary, at such time and place as shall be provided for in its bylaws.